Bitcoin: US Presidential Contender Fears Crypto Ban Due To Fed’s CBDC Plans

Bitcoin (BTC) may face the threat of being banned and seized by the US government if plans for a central bank digital currency (CBDC) come to fruition, warns Robert F. Kennedy Jr. on Twitter.  Kennedy Jr.s’ tweets on the matter came as he filed documents with the US Federal Election Commission to run for office in 2024, with an official announcement expected on April 19 in Boston, Massachusetts.  This raises the question: will the growing popularity of Bitcoin lead to its downfall?

Kennedy Jr. Warns Of CBDC’s Potential To Lead To ‘Financial Slavery, Political Tyranny’

The potential introduction of the Federal Reserve’s “FedNow” CBDC in July has raised concerns for the Democratic presidential hopeful, who sees it as a gateway to “financial slavery and political tyranny.”  Kennedy Jr. believes that linking the CBDC to a digital ID and social credit score could provide the government with unprecedented control over citizens’ financial transactions. Non-compliance with arbitrary regulations could result in frozen assets or spending restrictions on approved vendors. On Twitter, he further argues that CBDCs could result in widespread government surveillance of private financial affairs, with individuals facing limitations on where they can send and spend money. The expiration of money could also be used as a tool to enforce government policies, such as vaccine mandates.  Kennedy Jr. is worried that this could pave the way for Bitcoin to suffer a fate similar to that of gold in 1933, with the threat of banning and seizing looming large.

The Fed just announced it will introduce its “FedNow” Central Bank Digital Currency (CBDC) in July. CBDCs grease the slippery slope to financial slavery and political tyranny.

While cash transactions are anonymous, a #CBDC will allow the government to surveil all our private… — Robert F. Kennedy Jr (@RobertKennedyJr) April 5, 2023

Bipartisan Opposition To CBDC Emerges

Despite the potential benefits touted by CBDC proponents, a growing number of bitcoin proponents and politicians are speaking out against it. Kennedy Jr. is not alone in his opposition to the CBDC, with many prominent figures on the Right also voicing their concerns. Republican Senator Ted Cruz has even introduced a bill aimed at preventing the development of a retail CBDC, while Republican Representative Tom Emmer introduced the CBDC Anti-Surveillance State Act in February. Even the Republican Governor of Florida, Ron DeSantis, who is expected to run for president in 2024, has criticized CBDC, stating that “the central bank digital currency is all about is surveilling Americans and controlling the behavior of Americans.” As politicians and bitcoin advocates from both sides of the political and financial spectrum begin to rally against CBDC, it remains to be seen whether the Federal Reserve will push ahead with its plans. Nonetheless, it is clear that the debate surrounding CBDC will only intensify as its introduction approaches. -Featured image from AdobeStock / Alexey Novikov