Bitcoin (BTC) might face the specter of being banned and confiscated by the US authorities if plans for a central financial institution digital forex (CBDC) come to fruition, Robert F. Kennedy Jr. has warned on Twitter.
Kennedy Jr.’s tweet on the matter got here as he filed with the US Federal Election Fee to run in 2024, with an official announcement anticipated on April 19. Boston, Massachusetts.
This begs the query: Will Bitcoin’s rising recognition result in its downfall?
Kennedy Jr. Warns of CBDC’s Potential for ‘Monetary Slavery, Political Tyranny’
Enter is offered Federal Reserve’s FedNow CBDC raised issues in July with the Democratic presidential candidate, who sees it as a gateway to “monetary slavery and political tyranny.”
Kennedy Jr. believes that linking CBDCs to digital IDs and social credit score scores might give the federal government unprecedented management over residents’ monetary transactions. Failure to adjust to arbitrary guidelines might end in asset freezes or spending restrictions on authorised sellers.
Robert F. Kennedy Jr. Picture: www.teamkennedy.com
on Twitter, he additionally argues that CBDCs might result in widespread authorities oversight of personal monetary affairs, with people dealing with restrictions on the place they’ll ship and spend cash. Expiration of cash may be used as a instrument to implement authorities insurance policies equivalent to vaccine mandates.
Kennedy Jr. worries that this might pave the way in which for Bitcoin to undergo a destiny much like that of gold in 1933, with the specter of banning and confiscation.
The Fed simply introduced that it’ll launch its FedNow Central Financial institution Digital Foreign money (CBDC) in July. CBDC greases the slippery slope of economic slavery and political tyranny.
Though money transactions are nameless, a #CBDC will enable the federal government to observe all of our non-public…
— Robert F. Kennedy Jr. (@RobertKennedyJr) in 2023 April 5
Bipartisan opposition to CBDC is rising
Regardless of the potential advantages touted by CBDC proponents, a rising variety of bitcoin advocates and politicians are talking out in opposition to it. Kennedy Jr. will not be alone in his opposition to the CBDC, and plenty of outstanding figures on the fitting have additionally expressed concern.
Republican Senator Ted Cruz has even launched a invoice to forestall retail CBDC improvement, whereas Republican Consultant Tom Emmer launched CBDC Anti-Surveillance State Legislation In February.
Bitcoin (BTC) dropping the $28K deal with, market cap now at $540 billion on the day by day chart at TradingView.com
Even Republican Florida Governor Ron DeSantis, who is predicted to run for president in 2024, criticized the CBDC, saying that “a central financial institution’s digital forex is surveillance of Individuals and management of American habits.”
As politicians and bitcoin advocates from either side of the political and monetary spectrum start to rally in opposition to the CBDC, it stays to be seen whether or not the Federal Reserve will comply with by means of on its plans. However, it’s clear that the CBDC debate will solely intensify as its introduction approaches.
– Theme picture from AdobeStock / Alexey Novikov
