In a resolute move, Democratic presidential candidate Robert F. Kennedy Jr. solidified his support for Bitcoin by making a significant investment earlier this year. Kennedy confirmed that he purchased two Bitcoin for each of his seven children, signaling his belief in the future potential of the cryptocurrency.
The decision to invest came after Kennedy faced intense criticism from both crypto industry experts and the mainstream media for his pro-Bitcoin stance expressed at the Bitcoin Miami Conference in May. Critics argued that he was promoting a “volatile commodity” without having any personal stake in it.
Addressing the criticism, Kennedy spoke candidly, stating,
“Right after that Bitcoin conference I got a big check, and I said, okay, you know, I’m going to put my money where my mouth is and so I bought two Bitcoin for every one of my seven children.”
With six biological children—four sons and two daughters—spanning ages 22 to 38, Kennedy’s seventh child likely comes from his recent marriage to actress Cheryl Hines, who had a daughter before their marriage in 2014.
During his speech at the conference, Kennedy had previously denied having any personal investment in the cryptocurrency, emphasizing that he was not an investor and not giving investment advice. However, recent leaked financial disclosures revealed that the candidate held a substantial amount of Bitcoin, valued between $100,001 and $250,000 at the end of June.
If Kennedy acquired a total of 14 BTC at an approximate price of $26,800 following the conference, his holdings at the end of June would have surpassed $380,000. With the current price of BTC at $29,327, according to recent data, his investment is now valued at a total of $410,000.
Kennedy’s Vision: Backing USD With Bitcoin
In a recent interview, Kennedy reiterated his commitment to backing the U.S. dollar with Bitcoin and advocated for making the asset exempt from capital gains taxes if he were to be elected President. He firmly believes that BTC can serve as a vehicle for fostering innovation in America.
However, Kennedy expressed that any capital gains exemptions related to BTC conversions should be applicable only to smaller investors and businesses. He emphasized the need to prevent large companies like BlackRock and Goldman Sachs from reaping disproportionate windfalls from such exemptions.
Kennedy’s embrace of BTC marks a pivotal moment for the cryptocurrency’s recognition in mainstream politics. As the presidential campaign progresses, his position on BTC and its potential impact on the economy will undoubtedly draw further attention and scrutiny.
As the political landscape continues to evolve, the world watches to see how Kennedy’s decision to invest in BTC will influence public perception and debate around the digital currency and its role in shaping the future of finance.