Bitcoin is a ‘way out’ of the turmoil caused by the Fed

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Robert F. Kennedy Jr, the nephew of former President John F Kennedy, who challenged Joe Biden for the Democratic nomination in the 2024 election, blamed the Federal Reserve for the current worrying situation in the financial sector.

He thinks cryptocurrencies like bitcoin could serve as lifeboats for individuals when this bubble invariably bursts.

Pro Bitcoin and Anti CBDC

The 2024 presidential campaign in the United States of America includes some interesting names, such as Robert F. Kennedy Jr, a nephew of John F. Kennedy (assassinated in 1963). The Democratic candidate has controversial views on many provocative topics. For example, he is a fierce critic of the COVID-19 vaccine program, an outspoken environmentalist, and an opponent of nuclear power.

In a recent tweet, Kennedy also introduced himself as a bitcoin supporter. He claimed that the Federal Reserve collaborated with a number of leading banking institutions between 2008 and 2022 to print a colossal amount of money. According to him, this policy could trigger further monetary imbalance in the future, describing BTC as an asset that could offer individuals an escape route amid the potential turmoil:

Cryptocurrencies like Bitcoin offer the public an escape route from the splash zone when this bubble invariably bursts. So the White House is colluding with the banksters to keep us all trapped in the bubble of profit and control.

Robert F. Kennedy Jr, Source: The Guardian

Kennedy went further, accusing incumbent President Joe Biden of arming the DOJ, FDIC and other agencies to force some banks to halt operations with cryptocurrency entities late last year. .

Remember that the collapse of the famous Silicon Valley Bank, Silvergate Capital and Signature Bank recently shook the American banking system. All of them served multiple crypto clients and caused major losses to investors.

Subsequently, Kennedy opposed the potential launch of a digital dollar, arguing that the government could use it as the ultimate mechanism for surveillance and social control.

DeSantis is also against CBDCs

Ron DeSantis, governor of Florida, who could run for president on the Republican side, is also an opponent of the creation of a CBDC in the United States.

He castigated such a financial product as a surveillance tool and proposed its total ban on Florida territory. He likened a potential digital dollar to China’s e-CNY, where the central bank would use it to monitor transactions and cut off access to goods and services.

DeSantis also recalled the situation in Nigeria, where authorities have restricted ATM withdrawals to boost eNaira adoption. However, this policy provoked massive protests in February.

Featured image courtesy of STAT News

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