Bitcoin (BTC) may very well be liable to being banned and seized by the US authorities if central financial institution digital forex (CBDC) plans undergo, Robert F. Kennedy Jr. warns on Twitter.
Kennedy Jr.s tweets about it 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 begs the query: will the rising reputation of Bitcoin result in its downfall?
Kennedy Jr. warns of CBDC’s potential to result in ‘monetary slavery and political tyranny’
The potential introduction of Federal Reserve “FedNow” CBDC in July raised considerations for the Democratic presidential hopeful, who sees it as a gateway to “monetary slavery and political tyranny.”
Kennedy Jr. believes that tying the CBDC to a digital ID and social credit score rating might present the federal government with unprecedented management over residents’ monetary transactions. Failure to adjust to arbitrary laws might result in asset freezes or spending restrictions for authorized distributors.
Robert F. Kennedy Jr. Picture: www.teamkennedy.com
On Twitter, he additional argues that CBDCs might lead to widespread authorities surveillance of personal monetary affairs, with people going through limits on the place they’ll ship and spend cash. Cash expiration may be used as a device to implement authorities insurance policies, resembling vaccination mandates.
Kennedy Jr. fears this might pave the way in which for a destiny just like gold in 1933 for Bitcoin, with the specter of a ban and impending seizure.
The Fed has simply introduced that it’s going to introduce its central financial institution digital forex “FedNow” (CBDC) in July. CBDCs grease the slippery slope to monetary slavery and political tyranny.
Though money transactions are nameless, a #CBDC will enable the federal government to watch all our personal actions…
— Robert F. Kennedy Jr (@RobertKennedyJr) April 5, 2023
Bipartisan opposition to the CBDC emerges
Regardless of the potential advantages touted by CBDC proponents, a rising variety of bitcoin proponents and politicians oppose it. Kennedy Jr. is not alone in opposing the CBDC, with many right-wing figures additionally voicing their considerations.
Republican Senator Ted Cruz even launched a invoice to stop the event of a retail CBDC, whereas Republican Rep. 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 Republican Florida Governor Ron DeSantis, who’s slated to run for president in 2024, criticized the CBDC, saying “the central financial institution’s digital forex is all about monitoring Individuals and controlling their habits.”
As politicians and bitcoin advocates from each 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 observe by way of with its plans. Nonetheless, it’s clear that the controversy surrounding the CBDC will solely intensify as its introduction nears.
-Featured picture from AdobeStock / Alexey Novikov
