US presidential candidate Robert F. Kennedy Jr. highlights the importance of cryptocurrency, particularly Bitcoin, in safeguarding individual freedoms against governmental control and financial manipulation.
Robert F. Kennedy Jr., a US presidential hopeful, emphasized the pivotal role of cryptocurrency, particularly Bitcoin, in combating governmental overreach and safeguarding financial liberties. In a fireside chat at ETHDenver 2024 alongside Caitlin Long, CEO of Custodia Bank, Kennedy underscored the significance of transactional autonomy, drawing inspiration from recent events such as the Canadian government's targeting of truckers amidst the "Freedom Convoy" protests against COVID-19 restrictions.
“It occurred to me at that point that if a government has a right to shut down your bank account, then they have the capacity to enslave us – to commit any kind of atrocity.” Kennedy noted. “…transactional freedom was as important to a free society as the guarantees of freedom of expression. As the First Amendment means nothing if the government has the right to shut down your bank account and to starve you to death if it doesn’t agree with your speech. And that’s when I started getting interested in cryptocurrencies and alternative currencies.”
Kennedy contended that crypto, notably Bitcoin, serves as a hedge against inflation, rooted in his broader criticism of the Federal Reserve and the prevailing banking system, which he believes disproportionately favors the affluent while disadvantaging the populace.
“The more I learned about cryptocurrency, the more important it occurred to me: this is the off-ramp for our addiction to the Fed, to the printing of money, to the monopolistic banking system,” said Kennedy.
Despite initial obstacles in crypto investment due to regulatory constraints, Kennedy hailed the introduction of spot Bitcoin ETFs in the US as a pivotal step, broadening market accessibility and augmenting the currency's value discovery and overall market expansion. He pledged to position the US as a global hub for cryptocurrency, blockchain, and stablecoin innovation if elected president.
Kennedy's agenda includes revising the current tax treatment of Bitcoin, advocating for its removal from the securities classification, and exempting small crypto transactions from taxation to encourage everyday usage without financial encumbrances.
“…small transactions of all cryptocurrency should be untaxed. You should be able to buy an apple, a beer or an automobile using crypto without having a tax for the value that it’s accrued since you purchased it. And so those are some of the things that I’m going to do to free up transactional freedom,” Kennedy added.
Currently, Bitcoin in the US is taxed as property when held as a capital asset, with gains or losses from its sale treated as capital gains or losses for tax purposes. Long-term capital gains, applicable if Bitcoin is held for over a year, are taxed at up to 20%, according to The Motley Fool.
Besides tax revisions, Kennedy aims to foster a crypto-friendly environment in US banks and halt the crackdown on banks engaging with crypto.
RFK Jr. has demonstrated his pro-crypto stance by announcing his acceptance of political campaign contributions in Bitcoin at the Bitcoin 2023 conference in Miami and disclosing a personal investment exceeding $250,000 in Bitcoin.