United States Independent presidential candidate Robert F. Kennedy Jr. has blasted the government for allegedly profiting from inflation while highlighting the role cryptocurrencies can play in the Treasury.
Speaking during a roundtable session on July 25 at the 2024 Bitcoin Conference, Kennedy labeled inflation as “government theft,” which mainly impacts the middle class.
The politician argued that adopting Bitcoin (BTC) offers an escape from the current inflationary environment, which he described as a “highway to hell.” He praised Bitcoin’s decentralized nature as a model for restoring democracy and personal freedom.
“Bitcoin is not only an off-ramp to this inflation which is the highway to hell. It is also a way of restoring integrity to our government. It’s a way of restoring personal freedoms. It’s a way the middle class can insulate itself from inflation, which is just a form of government theft,” the presidential candidate said.
Kennedy further proposed the issuance of treasury bills anchored to a basket of hard currencies, such as platinum and gold, to combat inflation. He suggested starting with a small percentage of these hard currencies and potentially increasing the proportion over time.
“I’m going to create a basket of hard currencies, maybe platinum, gold, and other hard currencies, and begin issuing at least a class of treasury bills,” he added.
Plan for Treasury to invest in Bitcoin
If elected, Kennedy has expressed his intention for the federal government to invest in Bitcoin to match gold. Notably, over the years, Bitcoin has been compared to gold for its ability to store value.
“I would like to have the federal government begin to buy Bitcoin and to, over my term of office, ultimately have an equivalent amount of Bitcoin that we have in gold,” he said.
It’s worth noting that throughout his campaign, Kennedy has questioned the viability of the traditional finance sector. To this end, he has alleged that there remain plans to stifle Bitcoin growth, especially in the US.
For instance, as reported by Finbold, the independent presidential candidate has accused Congress of being paid to ban Bitcoin. He maintains that Bitcoin is an “off-ramp” for an inflationary system that maintains monopolies.
Overall, before the November election, both Kennedy and former US president Donald Trump emerged as pro-crypto candidates. Notably, Trump is also expected to address this year’s Bitcoin conference.
Both candidates have strongly opposed the idea of rolling out a Central Bank Digital Currency (CBDC).
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