Democratic presidential candidate Robert F. Kennedy Jr. recently revealed that he purchased a significant amount of Bitcoin (BTC) earlier this year. In a Twitter Space conversation on July 26, Kennedy explained that he bought two BTC for each of his seven children, amounting to a total investment in Bitcoin.
Kennedy’s decision to invest in Bitcoin came after facing criticism from industry experts and the mainstream media for promoting the cryptocurrency without having any personal investment. He acknowledged the need to back his support with action, stating, “Right after that Bitcoin conference I got a big check and I said, okay, you know, I’m going to put my money where my mouth is and so I bought two Bitcoin for every one of my seven children.”
Kennedy has six biological children, including four sons and two daughters aged between 22 and 38. The seventh child is from Kennedy’s marriage to actress Cheryl Hines. Kennedy’s disclosure about his Bitcoin holdings aligns with a leaked financial disclosure that showed he had between $100,001 and $250,000 worth of Bitcoin at the end of June. However, based on the approximate price at the time, his Bitcoin holdings would have exceeded $380,000.
At the Bitcoin Miami Conference in May, Kennedy had emphasized that he was not an investor and not providing investment advice. He also announced his decision to accept campaign donations in Bitcoin. His recent acknowledgment of personal investment marks the first time he has admitted to owning the cryptocurrency.
Currently, the price of Bitcoin stands at $29,327, indicating that Kennedy’s investment is now worth a total of $410,000. Kennedy further expressed his intention to back the U.S. dollar with Bitcoin and make the cryptocurrency exempt from capital gains taxes if he were to be elected President. He believes that Bitcoin can restore innovation to America and argues that any exemptions should primarily benefit smaller investors and businesses rather than large corporations.
Kennedy’s investment in Bitcoin highlights the growing trend of prominent figures recognizing the value and potential of cryptocurrencies. As the presidential campaign continues, his support for the cryptocurrency industry may attract further attention and discussion on the role of digital assets in the economy.
Overall, Kennedy’s decision to invest in Bitcoin demonstrates his commitment to the cryptocurrency and his belief in its potential as a transformative technology. As the presidential race progresses, it will be interesting to see how other candidates and leaders respond to the growing influence of cryptocurrencies in shaping the future of finance.