Bitcoin has often been described as Plan B by many of its supporters. It has been created to help the common person take back control from the financial elite. This is what Robert F. Kennedy Jr is trying to say in his latest Tweet. He said that “cryptocurrencies like Bitcoin give the public an escape route from the splatter zone when this bubble invariably bursts”. He might be the presidential candidate the crypto community is waiting for.
Kennedy Disagrees with the Government’s Hostile Stance Against Crypto
In his Feb. 8 post on Pirate Wires, Nic Carter @nic__carter describes how the White House has organized bankers to participate in a sophisticated, widespread crackdown to destroy the crypto industry. Carter describes 15 incidents where President Biden has weaponized FDIC, OCC + DOJ to force crypto-friendly banks to close their doors to crypto firms since Dec. 3. The recent crackdown on crypto blocks exit ramps, removes alternative rails, and strengthens government control over both the financial and political systems.
@RobertKennedyJr, Twitter, April 11, 2023
The year 2022 was a turbulent year for the crypto space. Several crypto projects like Terra (LUNA) collapsed, leaving a lot of investors with big holes in their portfolios. The downfall of FTX, which was once one of the biggest crypto exchanges, further exacerbated the contagion spreading in the digital assets industry. The fear caused the price of Bitcoin to drop below $16,000 from its $69,000 all-time high.
Small and big investors lost money. Government agencies were quick to conclude that associated risks with digital assets need to be mitigated. Instead of surgically targeting bad actors in space, the government seemed to prefer a carpet bombing approach. Instead of looking at the benefit of this emerging financial technology, the government seemed to prefer to push it out of the scene in favor of the upcoming CBDC.
Bitcoin is Freedom to CBDC’s Slavery
In an earlier tweet, Robert discussed how he believes that CBDCs grease the slippery slope to financial slavery and political tyranny. He pointed out that cash transactions are anonymous while CBDC can be used to spy on an individual’s financial affairs. The central bank can enforce what it deems as necessary financial restrictions.
The presidential candidate also noted that CBDC tied to a digital ID and social credit score will empower the government to freeze assets or limit the spending of individuals who failed to comply with mandates.
Robert Kennedy’s description of CBDC is the exact opposite of what Bitcoin does. BTC is an asset that can not be controlled by a single entity.
Why is Bitcoin an Escape from Financial Turmoil?
Bitcoin is the antithesis of government-controlled CBDCs. It is decentralized and operates on distributed ledger technology. It is not controlled by any government entity. Its distributed ledger technology makes it transparent and secure. Anybody can check the validity of any transaction. It is also hard to attack since there is no central point of failure.
Satoshi Nakamoto, the father of Bitcoin, programmed the digital asset to have a maximum supply of 21 million. This scarcity makes it valuable thus it is also called digital gold. Central banks can print an infinite amount of money. This money printing is the primary reason why fiat currencies lose their purchasing power over time.
Bitcoin is available to anyone with an internet connection. This makes it free from any jurisdiction or government, making it a potentially valuable asset in the event a financial meltdown happens to a specific country or region. It is also portable in case an individual need to escape from war or unlawful prosecution.
Should We Follow Kennedy’s Advice on Bitcoin?
It is the government’s job to protect the people. But when does protection turn into disturbing dystopian control? While it’s true that crypto has been used for illicit activities, not everyone in the industry is a criminal. Those in power should focus on targeting bad actors and working with compliant stakeholders to establish clear regulations and promote consumer education. Regulatory clarifications, collaboration, and consumer education should be implemented instead of blindly throwing stones at the whole industry.
Robert Kennedy made a good case for Bitcoin. He is probably the hero the crypto community is waiting for. His view regarding the upcoming CBDC is something the crypto community has been trying to tell the public.
In the end, it is all about giving people the power to choose. It all boils down to a question. Would you rather hold a central bank-controlled currency that may lose its purchasing power over time or a decentralized digital asset that has the potential to increase in value due to scarcity?
Recommended Readings:
Texas Senator Ted Cruz’s Bill to Block CBDC
This article is not financial advise. It was written for educational and entertainment purposes. Consult a professional before taking on any risk.
Robert Kennedy Jr image from Pixabay
Featured Image from Unplash