RFK Jr. argues that a diverse ecology of currencies will strengthen the economy, while a crypto mining tax will only hinder innovation.
In a recent tweet, prominent environmental activist and author Robert F. Kennedy Jr. voiced his support for cryptocurrencies, stating that they are a major innovation engine. He warned against the U.S. government’s attempt to curb the industry, especially in light of President Biden’s proposed 30% tax on cryptocurrency mining.
Kennedy emphasized the importance of having a diverse ecology of currencies, comparing it to a biodiverse ecosystem that is more resilient in the face of challenges. He argued that the U.S. government’s efforts to control the cryptocurrency industry would only drive innovation elsewhere and could potentially weaken the country’s economy.
Kennedy acknowledged that energy consumption is a concern when it comes to cryptocurrency mining. However, he pointed out that the environmental argument is often used as a selective pretext to suppress anything that threatens elite power structures. He cited that bitcoin mining uses about the same amount of energy as video games, yet no one is calling for a ban on those.
Furthermore, Kennedy noted that while some advocate for tighter control of cryptocurrencies to prevent their use by criminals, it isn’t just criminals who desire privacy. Dissidents and ordinary citizens also benefit from the privacy offered by cryptocurrencies. He explained that governments can harass their enemies and crush dissent by controlling bank accounts and payment platforms.
Until trust in government can be restored, Kennedy believes that cash and cryptocurrencies are essential to ensuring freedom. By embracing a diverse ecology of currencies, Kennedy asserts that the economy will be more resilient, a stark contrast to the fragility of the current over-centralized system.