Bitcoin (BTC) could face the specter of being banned and seized by the US authorities if plans for a central financial institution digital foreign money (CBDC) come to fruition, warns Robert F. Kennedy Jr. on Twitter.
Kennedy Jr.s’ tweets on the matter got here as he filed paperwork with the US Federal Election Fee to run for workplace in 2024, with an official announcement anticipated on April 19 in Boston, Massachusetts.
This raises the query: will the rising recognition of Bitcoin result in its downfall?
Kennedy Jr. Warns Of CBDC’s Potential To Lead To ‘Monetary Slavery, Political Tyranny’
The potential introduction of the Federal Reserve’s “FedNow” CBDC in July has raised issues for the Democratic presidential hopeful, who sees it as a gateway to “monetary slavery and political tyranny.”
Kennedy Jr. believes that linking the CBDC to a digital ID and social credit score rating may present the federal government with unprecedented management over residents’ monetary transactions. Non-compliance with arbitrary rules may lead to frozen property or spending restrictions on authorized distributors.
Robert F. Kennedy Jr. Picture: www.teamkennedy.com
On Twitter, he additional argues that CBDCs may lead to widespread authorities surveillance of personal monetary affairs, with people going through limitations on the place they will ship and spend cash. The expiration of cash may be used as a software to implement authorities insurance policies, equivalent to vaccine mandates.
Kennedy Jr. is frightened 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 seizing looming giant.
The Fed simply introduced it would introduce its “FedNow” Central Financial institution Digital Foreign money (CBDC) in July. CBDCs grease the slippery slope to monetary slavery and political tyranny.
Whereas money transactions are nameless, a #CBDC will permit the federal government to surveil all our personal…
— Robert F. Kennedy Jr (@RobertKennedyJr) April 5, 2023
Bipartisan Opposition To CBDC Emerges
Regardless of the potential advantages touted by CBDC proponents, a rising variety of bitcoin proponents and politicians are talking out in opposition to it. Kennedy Jr. shouldn’t be alone in his opposition to the CBDC, with many distinguished figures on the Proper additionally voicing their issues.
Republican Senator Ted Cruz has even launched a invoice aimed toward stopping the event of a retail CBDC, whereas Republican Consultant Tom Emmer launched the CBDC Anti-Surveillance State Act in February.
Bitcoin (BTC) dropping the $28K deal with, market cap now at $540 billion on the every day chart at TradingView.com
Even the Republican Governor of Florida, Ron DeSantis, who is anticipated to run for president in 2024, has criticized CBDC, stating that “the central financial institution digital foreign money is all about is surveilling People and controlling the habits of People.”
As politicians and bitcoin advocates from either side of the political and monetary spectrum start to rally in opposition to CBDC, it stays to be seen whether or not the Federal Reserve will push forward with its plans. Nonetheless, it’s clear that the controversy surrounding CBDC will solely intensify as its introduction approaches.
-Featured picture from AdobeStock / Alexey Novikov