Democratic presidential candidate Robert F. Kennedy Jr. criticized the White House's effort to impose a 30% tax on cryptocurrency mining in the United States, calling it a "bad idea" that would hinder innovation and threaten freedom.
US Presidential Candidate Criticizes Biden's Cryptocurrency Tax Idea
Kennedy, son of US Attorney General Robert F. Kennedy and nephew of President John F. Kennedy, said in a series of tweets on Monday that cryptocurrencies and other crypto technologies, led by Bitcoin, are an important source of innovation.
Kennedy said in a statement on Twitter:
“It is a mistake for the US government to block the industry and divert innovation elsewhere. Biden's proposed 30% tax on cryptocurrency mining is a bad idea.”
Kennedy also dismissed the environmental argument against crypto mining, which consumes large amounts of electricity and contributes to greenhouse gas emissions:
“Yes, energy use is a concern (although a bit exaggerated), but BTC mining uses roughly the same amount of electricity as video games, and no one is calling for a ban.
The environmental argument is a selective excuse to suppress anything that threatens elite power structures. For example, Bitcoin.”
He added that cryptocurrencies provide privacy for US dissidents and ordinary citizens, and protection against harassment and control by the authorities:
“Some advocate tight control of cryptocurrencies to prevent them from being used by criminals. But criminals aren't the only ones who want privacy. Opponents and ordinary citizens also want privacy.”
The authorities harass their enemies and crush the opposition by checking their bank accounts and payment platforms. We need cash and crypto to ensure freedom (unlikely) until we can restore trust in government in the US.”
Kennedy also proposed not just a single centrally controlled currency, but several currency ecologies:
“Just as a biodiverse ecosystem is a resilient ecosystem, our economy will be more resilient if it has an ecology that is not only controlled from a single center but consists of different currencies.
Today we see how fragile our ultra-centralized system is.”
*Not investment advice.
