Bitcoin Could Be the Pubic ‘Escape Route’ – Robert F. Kennedy Jr

US Democratic presidential aspirant, Robert F. Kennedy Jr recently shared his opinion on Bitcoin, saying it potentially offers an escape route for the bubble invariably collapses.

The 2024 Presidential candidate gave the statement on Twitter while reiterating his stance against the FedNow Central Bank Digital Currency (CBDC). Notably, he expressed his concerns about the CBDC last week and stressed that it would only result in the government seizing and outlawing cryptocurrencies, particularly Bitcoin.

While the FedNow CBDC is scheduled to launch in July, Kennedy Jr contends that they represent the pinnacle of social monitoring and control. He cited a February article in which the White House was accused of “organizing bankers to take part in a sophisticated, widespread crackdown to destroy the cryptocurrency industry”.

Furthermore, he claimed the government’s crackdown eliminates alternative railways and strengthens their control over both the political and financial institutions. 

Crypto Vs CBDC in US Politics

While both CBDCs and cryptocurrencies are current political hot topics in the US, they represent different ideas and have different ramifications.

Cryptocurrencies are decentralized digital currencies that operate independently of governments and central banks. On the other hand, CBDCs are digital representations of fiat money that are issued and governed by central banks. Unlike cryptocurrencies, CBDCs are backed by the government and are subject to government control.

In US politics, there has been significant debate and discussion around both crypto and CBDCs. Crypto has been a source of concern for many policymakers due to its potential use in illicit activities and its potential impact on financial stability. 

Consequently, some policymakers such as Adrienne A. Harris, head of the New York State Department of Financial Services (NYDFS) have called for increased regulation of crypto to address these concerns.

Similarly, a few policymakers have also voiced worries about the possible dangers and difficulties posed by CBDCs, including the effect on commercial banks and privacy issues. For instance, Congressman Tom Emmer recently raised concerns about the possibility of using of CBDC to spy on citizens.