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In a recent Twitter Spaces event on Wednesday, Robert F. Kennedy, the Democratic presidential hopeful, expressed his strong support for Bitcoin and demonstrated his commitment by purchasing bitcoins for each of his seven children.
Canadian Truckers’ Protests Ignite RFK’s Support for Bitcoin
Kennedy’s interest in Bitcoin was sparked during the Canadian truckers’ protests in early 2022 when the Emergencies Act was implemented for the first time in Canada’s history. This Act granted the government enhanced authority to suppress the demonstrations, leading to the freezing of bank accounts and credit cards of protest leaders and supporters using facial recognition and license plate identification technologies.
Describing this event as a “Damascus moment,” Kennedy revealed how it transformed his view of Canada, a country he once saw as a role model for Western liberal democracy. However, during the protests and the implementation of the Emergencies Act, he felt that Canada had turned into what he considered a “monster.” This experience made him realize the importance of financial transaction freedom, which he now regards as being on par with freedom of expression.
As discussions about Bitcoin among U.S. presidential candidates intensified, Robert F. Kennedy proposed innovative concepts such as Bitcoin Treasury bills (T-bills), backed by Bitcoin and other commodities. Additionally, he advocates for removing the capital gains tax on bitcoin sales but with a million-dollar cap to prevent exploitation by large investment managers.
What’s on RFK’s Agenda For Digital Assets?
Notably, Kennedy has expressed disapproval of investment managers seeking Bitcoin exchange-traded funds (ETFs) and their interest in Bitcoin, some of whom have applied to the U.S. Securities and Exchange Commission (SEC).
It appears that Kennedy’s support for Bitcoin has been driven by a strong belief in the importance of financial freedom and privacy, especially in the face of increasing surveillance and government control over financial transactions. As the 2024 presidential campaign heats up, it remains to be seen how Kennedy’s stance on digital assets will resonate with the public and influence the broader conversation about Bitcoin in the United States.
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