Presidential hopeful RFK Jr. invests in Bitcoin for his children, advocates crypto as the future of American innovation.
Presidential hopeful RFK Jr. invests in Bitcoin for his children, advocates crypto as the future of American innovation.
"Putting his money where his mouth is," Robert F. Kennedy Jr., the Democratic presidential candidate, has made another step into the world of cryptocurrency. Kennedy, who has been a vocal supporter of Bitcoin, recently revealed that he purchased two Bitcoins for each of his seven children, totaling 14 BTC.
Kennedy's decision came in response to criticism he received following his pro-Bitcoin comments at the Bitcoin Miami Conference in May. Critics argued that he was promoting a volatile commodity without having any personal stake in it. In response, Kennedy decided to invest in Bitcoin for his children, demonstrating his belief in the cryptocurrency's potential.
The presidential hopeful has six biological children and a stepdaughter from his marriage to actress Cheryl Hines. The Bitcoin purchases were made after the conference, and according to a leaked financial disclosure, Kennedy's Bitcoin holdings were valued between $100,001 and $250,000 by the end of June. However, if he purchased the 14 Bitcoins at an approximate price of $26,800 each, his total holdings would have surpassed $370,000.
As of now, with Bitcoin's price at $29,540, Kennedy's investment is worth around $413,500. Kennedy previously has also expressed his intention to back the U.S. dollar with Bitcoin and exempt the cryptocurrency from capital gains taxes if he is elected President. He believes that Bitcoin can be a vehicle for bringing innovation back to America, but he also advocates for capital gains exemptions on Bitcoin conversions to be limited to smaller investors and businesses to prevent large windfalls for companies like BlackRock and Goldman Sachs.
Kennedy's move into Bitcoin marks a significant moment in the intersection of politics and cryptocurrency, and it will be interesting to see how this decision influences his campaign and the broader conversation around digital currencies.