He pointed out that CBDC is designed to become a tool of government power and control, while also voicing apprehension about attacks on Bitcoin and the cryptocurrency ecosystem.
In his perspective, Bitcoin could be seen as an “independent digital currency” free from government control. He emphasized that the freedom to transact is as important as freedom of speech. Speaking to Bitcoin Magazine, he mentioned his concerns that CBDC would ultimately be used as a pretext to phase out physical cash and would be tightly controlled, restricting people’s ability to use it freely, as the government would program CBDC in a specific manner.
“I oppose CBDC. I believe they will become tools of power and control,” stated Kennedy Jr. In July 2023, Kennedy Jr. made headlines by revealing that he had purchased 2 Bitcoins for each of his 7 children. He is well-known for supporting cryptocurrencies as a potential tool to help the impoverished break free from poverty and has proposed several legal initiatives to encourage the use of Bitcoin.
The Threat to the US Dollar
Kennedy Jr. expressed uncertainty about the future of the US Dollar amidst the exponential growth of the BRICS group. The presidential candidate explained that although the group doesn’t have its own reserve currency, member countries allow transactions in local currencies, posing a threat to the US Dollar’s position as the world’s reserve currency.
Previously, Presidential candidate RFK Jr. had outlined plans to support the US dollar with Bitcoin and end Bitcoin taxation.
Democratic Presidential candidate Robert F. Kennedy Jr. announced on Wednesday his intention to back the US dollar with Bitcoin and put an end to taxing Bitcoin. The Bitcoin-supporting presidential candidate RFK Jr. pledged his support for the cryptocurrency industry, which is providing a glimmer of hope during times of increased regulatory scrutiny and government intervention.
Robert F. Kennedy Jr.’s Bitcoin-Focused Policies
During the Heal-the-Divide PAC event, United States Presidential candidate Robert F. Kennedy Jr. laid out a series of Bitcoin-focused policies, including gradually supporting the US dollar with Bitcoin and making Bitcoin capital gains tax-free.
“My plan would start very small, perhaps 1% of treasury bonds issued would be backed by hard assets, be it gold, silver, or Bitcoin.”
Kennedy Jr. intends to incrementally increase the allocation depending on the outcomes of the initial phase. If elected as President, his administration would explore financial system reform policies, back the US dollar and American debt obligations with hard assets, and foster job creation in the business and technology sectors within the United States.
