As cryptocurrencies such as Bitcoin (BTC) continue to gain popularity, some proponents suggest that they could offer an escape route for the public from the dangers of financial bubbles. Among these supporters is Robert Kennedy, US presidential candidate, who argument that Bitcoin and other cryptocurrencies operate on a decentralized network Less vulnerable to market volatility and government policies.
Bitcoin as an escape route for financial bubbles
The world of finance is rapidly evolving with the advent of cryptocurrencies, and the US government, in its misguided approach to the cryptocurrency industry, is launching FedNow. A real-time payment system backed by a version of a central bank digital currency (CBDC).
These digital assets have faced criticism from politicians and private entities in the US. Many argue that CBDCs will allow the government to abuse its power and potentially violate the privacy of citizens.
It is not simply “ideal” that major policy changes receive specific authorization from Congress; It is constitutionally required.
Unaccountable institutions cannot impose a CBDC on Americans. They will tell us that CBDC will not be abused, but we are wise enough to know better… https://t.co/OqJ27Lym2L
—Ron DeSantis (@GovRonDeSantis) April 10, 2023
In this context, Robert Kennedy Jr. advocates using cryptocurrencies such as Bitcoin as an alternative to the traditional financial system. Kennedy suggests that cryptocurrencies offer an escape route for the public when the current “financial bubble” inevitably bursts.
In addition, Kennedy expressed his concerns about the monetary policies of the Federal Reserve (Fed) and its relationship with the big banks. Kennedy claims that the Fed’s alleged “collusion” with the big banks has led to the printing of $10 trillion in wealth over the past 15 years, which has mainly benefited the so-called “Banksters” at the expense of the public.
Robert Kennedy’s argument is based on the potential of Bitcoin to provide an escape route for the public from the dangers of financial bubbles. This argument is also based on the idea that cryptocurrencies like Bitcoin operate outside of the traditional financial system and are not subject to the same risks and vulnerabilities.
The traditional financial system is characterized by centralized control and regulation, which can make it vulnerable to factors such as inflation, market volatility, and government policies. On the other hand, Bitcoin operates on a decentralized network, which makes it less susceptible to these risks.
However, while Kennedy sees Bitcoin as a potential hedge against financial instability and a way to protect wealth during economic uncertainty, the US government seems more adamant in its crackdown on the infant industry.
Does the US government want to destroy the cryptocurrency industry?
It is becoming increasingly clear that the US government’s interest in creating a CBDC raises concerns about the potential implications for civil liberties and privacy. For Kennedy, the CBDC is seen as the ultimate social surveillance and control mechanism, as the government has unprecedented access to people’s financial transactions and personal information.
Also, in the US presidential candidate’s post, he quotes crypto investor Nick Carter arguments that the White House has mounted a coordinated effort to crack down on the infant industry, using various government agencies to force banks to close their doors to crypto companies. Additionally, Carter outlines 15 incidents in which this crackdown has occurred since December 3, 2022.
While Kennedy and other advocates may view cryptocurrency as a potential solution to challenges in the traditional financial system, the government’s actions indicate that there are still significant regulatory and legal hurdles to overcome before cryptocurrency can become a mainstream alternative to the system. traditional financial.
Featured Image from Unsplash, Chart from TradingView.com
