Bitcoin Is an ‘Escape Route’ From the Turmoil Caused by the Fed

Robert F. Kennedy Jr – the nephew of former President John F Kennedy, who challenged Joe Biden for the Democratic nomination in the 2024 elections – blamed the Federal Reserve for the current disturbing condition of the financial sector.

He believes cryptocurrencies like bitcoin could serve as lifeboats to 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 vaccination program, an outspoken environmentalist, and an opponent of nuclear power.

In a recent tweet, Kennedy also presented himself as a bitcoin supporter. He claimed that the Federal Reserve had collaborated with a number of leading banking institutions between 2008-2022 to print a colossal amount of money. According to him, this policy could trigger additional monetary imbalance in the future, outlining BTC as an asset that could grant individuals an “escape route” amid the eventual tumult:

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

Kennedy went further, blaming the reigning President Joe Biden for “weaponizing” the DOJ, the FDIC, and other agencies to force some banks to halt operations to cryptocurrency entities at the end of last year. 

Recall that the collapse of the well-known Silicon Valley Bank, Silvergate Capital, and Signature Bank recently shook America’s banking system. All of them served multiple crypto clients and caused significant losses to investors. 

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

DeSantis is Against CBDCs, too

Ron DeSantis – Governor of Florida who might run for President from the Republican side – is also an opponent of the creation of a CBDC in the USA. 

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

DeSantis also reminded about the situation in Nigeria, where the authorities limited ATM withdrawals to boost the adoption of the eNaira. However, this policy prompted massive protests in February.

Featured Image Courtesy of STAT News