Bitcoin Makes Its Way to the Presidential Campaign: Candidate Confirms BTC Ownership

• Robert F. Kennedy Jr., the Democratic presidential candidate, buys 2 Bitcoin for each of his seven children, investing significantly in the cryptocurrency.
• Kennedy reaffirms his plan to back the U.S. dollar with Bitcoin and exempt the asset from capital gains taxes if he is elected President.

Robert F. Kennedy Jr., Democratic presidential candidate and passionate Bitcoin advocate, has recently confirmed his noteworthy Bitcoin acquisition. In a move that signifies his trust in the cryptocurrency, Kennedy procured two units of Bitcoin for each of his seven children.

BREAKING: Democrat Presidential candidate Robert Kennedy Jr. announces that he is a #Bitcoin holder.

— Dennis Porter (@Dennis_Porter_) July 26, 2023

Embracing the Bitcoin Journey

Kennedy’s decision surfaced amidst substantial scrutiny, both from cryptocurrency enthusiasts and the mainstream media, following his positive remarks about Bitcoin during the Miami Bitcoin Conference in May. Critics found it contradicting that Kennedy lauded a “volatile commodity” without having any substantial stakes in it himself.

In response to the critiques, Kennedy took a bold step post the conference. Upon receiving a sizeable check, he decided,

“I’m going to put my money where my mouth is,”

and secured two Bitcoin for each of his seven offspring. This decision resulted in a considerable Bitcoin purchase, taking into account his four sons, two daughters, and one child from his latest marriage with actress Cheryl Hines.

During his conference speech, where Kennedy also disclosed his intent to accept campaign donations in Bitcoin, he refuted owning any personal investments in the digital currency. Now, Kennedy’s recent revelation, corresponding to a leaked financial disclosure, presents a different picture. The disclosure showed Kennedy’s Bitcoin ownership worth “between $100,001 and $250,000” at the end of June.

If we crunch the numbers, purchasing a total of 14 Bitcoin for an estimated price of $26,800 right after the conference implies that Kennedy’s total holdings would have crossed $380,000 by the end of June. At the time of this report, Bitcoin’s price stands at $29,327, thus making his investment now worth around $410,000.

Kennedy, not just an investor, but a prospective policymaker, reaffirmed his vision of backing the U.S. dollar with Bitcoin and granting the asset capital gains tax exemption if he clinches the presidency. Recognizing Bitcoin as a conduit for restoring innovation in America, Kennedy suggests that such tax exemptions on Bitcoin conversions should cater primarily to smaller investors and businesses to avoid handing enormous benefits to major corporations like BlackRock and Goldman Sachs.