Ever since its inception in 2009, Bitcoin has received mixed reviews from the public, be it financial experts, investors, traders or average individuals. Some have stood by its potential as a store of value and means of while others have criticized the asset for its volatility and lack of intrinsic value. Despite all these heated debates and ongoing price swings, Bitcoin has managed to break one record after another and maintain its relevancy in the global financial system.
In all this time, the number of people supporting Bitcoin and the other digital currencies that emerged in its wake has increased considerably. And one of the most vocal Bitcoin advocates who has been garnering a lot of attention lately is none other than Robert F. Kennedy Jr, the Democrat candidate for U.S. President in 2024 and nephew of former President John F. Kennedy.
Robert Kennedy Jr. announced his candidacy for the presidency of the United States as a Democrat and launched his campaign in April at a rally in Boston. Shortly afterwards, the son of former Attorney General Robert F. Kennedy expressed his support for the crypto industry in a series of Tweets, deeming Bitcoin and other digital assets from the same category as a major innovation engine, while also criticizing President Biden’s proposition to introduce a 30% tax on the electricity used in cryptocurrency mining operations. The Democrat candidate also argued that the negative impact of Bitcoin mining on the environment is blown out of proportion, being used as an excuse by the elites to preserve their control.
However, Kennedy didn’t limit his support to a few tweets. He made his first appearance as a presidential candidate at the Bitcoin 2023 conference in Miami held between 18-20 May. On the final day of the conference, took to the Nakamoto Stage and talked about his views on Bitcoin and the cryptocurrency industry at length, making some resounding statements in his speech.
The 69-year-old politician spoke about his own experience with cryptocurrency, revealing that he became interested in crypto when he found out that Bitcoin could be used to circumvent government restrictions, in the context of the Canadian trucker protest that took place in Ottawa in 2022. Talking about the events at the time, Kennedy pointed out that the peaceful protesters were experiencing a form of government oppression as they were denied access to their bank accounts. That was when he realized that the freedom of money is just as important as the freedom of speech.
The Democratic candidate explained that we live in a highly technologized era when the governments and corporations have a vast array of digital tools at their disposal that can be used to exercise control over the masses. This control can come in the form of constant surveillance of communication, movement and transactions as was the case with the Canadian protesters.
During his address, Kennedy touched once again on Biden Administration’s stance on crypto and the proposition to introduce heavy taxes for Bitcoin mining which he deemed extremely invasive. Bitcoin’s energy consumption has been a hot topic of debate for years now. The Bitcoin network and many other active crypto projects employ a proof-of-work mechanism that enables miners to mint new coins and thus increase the circulating Bitcoin supply. However, in order to make the process possible, miners have to employ advanced hardware and specialized equipment that require massive amounts of energy to solve complex mathematical puzzles.
In order to address the issue, the Biden Administration came up with the solution of imposing a punitive 30% tax on the electricity used to mine crypto. However, Kennedy opposed the proposition for being intrusive and setting a dangerous precedent. According to the politician, allowing the government to monitor the energy consumption related to mining operations would give authorities free rein to monitor all activities that require electricity. He also added that he will back those who refuse to have a smart meter installed in their residences.
The candidate had previously expressed a similar standpoint regarding the U.S. central bank digital currency, or CBDC. From his perspective, the government’s plan to introduce CBDCs would amount to a war on crypto, adding that such a move would potentially lead to financial slavery and political tyranny.
Talking about the measures that he would take if he were elected president, Kennedy reassured the audience that he would do everything in his power to protect people’s right to own and use Bitcoin. The candidate went even further, promising that he would also make sure that people could run a private node freely, without having the government interfere with their activity. Regarding access to Bitcoin keys and passwords, Kennedy stated that this information should remain private. Allowing government bodies to gain access to this type of data would mean encouraging state surveillance.
He also made it abundantly clear that Bitcoin’s strongest suit and essence is represented by its decentralized nature. Making sure that Bitcoin preserves this unique characteristic is important in order to maintain civil liberties as Bitcoin represents an exercise in democracy.
Although Robert Kennedy Jr’s presence at the 2023 Bitcoin Conference in Miami was welcomed by the crowd of crypto enthusiasts, the purpose of his speech was not only to express his stance on Bitcoin and the crypto industry and attract voters. Kennedy also announced that he will be accepting Bitcoin donations for his campaign. However, to avoid any confusion, he mentioned that he is not invested in Bitcoin personally. In the past, crypto firms proved to be extremely generous in supporting different candidates running for presidency. Now that they’ve found such a determined spokesperson as Robert Kennedy Jr., their contribution is bound to be substantial.
Whether Robert Kennedy Jr will have the opportunity to keep his promise remains to be seen. For now, U.S. crypto fans have a candidate who seems to be willing to go the extra mile to protect their rights and freedom.
