Pro-Bitcoin Presidential Candidate Robert F. Kennedy Jr. has, at different times, jumped to the defense of the flagship cryptocurrency, BTC. This time, he promises to protect it if elected as President during the Presidential elections next year.

What Kennedy Wants To Do For Bitcoin

In an interview, the Presidential Candidate mentioned that he intends to end the “current White House war on Bitcoin.” This statement is in reference to the anti-crypto stance that the government seems to have taken against Bitcoin and other crypto tokens. 

It is believed that, instead of implementing policies to promote cryptocurrencies, the government has clamped down on the industry and its stakeholders. However, Kennedy plans to change that as he mentioned that he will ensure that people can keep their wallets (self-custody) and that transactions are protected, which could foster the use of Bitcoin and other crypto tokens.

Interestingly, Kennedy not only happens to be a Bitcoin proponent but is also heavily invested in the token, as he has up to $250,000 in BTC holdings. He is also ensuring that others get in on the foremost cryptocurrency, as he mentioned in July that he had bought two BTC each for his seven children. 

Meanwhile, aside from ending the White House war on Bitcoin, the Presidential Candidate wants Bitcoin (and possibly other cryptocurrencies) to be treated as a currency rather than a commodity. That way, Bitcoin isn’t subjected to capital gains. This is because cryptocurrencies are majorly considered property or investment, and owners are usually expected to pay tax on gains from a sale. 

This isn’t the first time Kennedy has made such an assertion. In July, he mentioned that he planned to back the US dollar with BTC and make the conversion of BTC to the US dollar free from capital gains taxes under his administration.

Crypto And Politics

Cryptocurrencies have taken center stage ahead of the upcoming Presidential election next year. Noteworthy is the fact that Kennedy isn’t the only candidate who has mentioned plans to stop the “war” on Bitcoin. 

Republican Presidential Candidate Ron DeSantis has also vowed to protect people’s right to own cryptocurrencies and end “Biden’s war on Bitcoin” if elected. He suggested that the current administration wasn’t so welcoming to cryptocurrencies because it poses a “threat” to them due to its decentralized nature. 

While these candidates continue to cozy up to the rising pro-crypto US voters, many are wary that they may simply be trying to do everything possible to get this particular group of voters in their corner and may not have plans to implement any crypto-friendly policies. 

However, a former SEC attorney has alluded to the fact that crypto regulation in the country may indeed be political and that there is a higher chance of enjoying a crypto-friendly regulatory atmosphere if a Republican candidate gets elected next year. 

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Robert F. Kennedy Jr., a candidate for the Democratic presidential nomination, has come forward to clarify that he does, in fact, hold a sizeable quantity of Bitcoin, despite his earlier denial of having a Bitcoin investment during a conference in Miami which took place just barely two months ago.

While speaking to a crowd at the Miami Bitcoin conference held in May, Robert F. Kennedy Jr was asked if he was an investor in Bitcoin. The Democratic presidential candidate responded in the negative, saying he wasn’t going to give investment advice about the cryptocurrency, but he did add that he would be taking donations in BTC for his campaign. 

“I am not an investor and I am not here to give investment advice,” he said at the conference.

Records Show Otherwise

Financial records have shown otherwise and revealed that RFK Jr probably lied about his Bitcoin investment. A financial disclosure form that Kennedy submitted on June 30 indicates a brokerage account that held between $100,001 and $250,000 worth of Bitcoin as of the date that the submission was made.

In the document, which does not specify when the transaction was made, it is stated that Kennedy’s family earned less than 201 dollars as a result of the purchase.

When the news of the investment first broke out, Kennedy’s campaign manager tried to clarify the details of the investment, saying that the BTC purchase was made during the time period between the speech in Miami and the June 30 filing deadline. 

In a bit of a moment that looked like damage control, the investment was initially attributed to his wife. However, the campaign later said that they were mistaken and that the Bitcoin investment did indeed belong to Kennedy. 

Support For Bitcoin

Bitcoin is the largest cryptocurrency in the world, with investor interest steadily increasing. So it is not clear why Robert F. Kennedy Jr. made comments that are inconsistent with his investment in BTC, nor is it clear whether the investment was made before or after his presence at the Miami conference. 

One reason is if Kennedy were to promote Bitcoin while on the campaign trail while his immediate family possessed the cryptocurrency, the situation may be considered a conflict of interest. 

However, his campaign office, on the other hand, has denied any conflict. “There is no conflict here,” campaign manager Kucinich told CNBC.

Interestingly, the presidential candidate has been a vocal supporter of bitcoin and cryptocurrencies in the past, saying, “Cryptocurrencies like bitcoin give the public an escape route” from a financial crisis. And his campaign is one of the few accepting donations in BTC. 

While Kennedy’s Bitcoin-related remarks have become less frequent since Miami, Kennedy once said in an interview with TheStreet Crypto “I don’t want people on the SEC commission who are anti-crypto.” This is in contrast with the current administration, which has the SEC cracking down on crypto companies.

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