Robert F. Kennedy Jr. Condemns Inflation as ‘Government Theft’

Kennedy Criticises Government Over Inflation

United States Independent presidential candidate Robert F. Kennedy Jr. has accused the government of profiting from inflation, which he describes as "government theft" that primarily impacts the middle class.

Bitcoin as an Inflation Solution

Speaking at the 2024 Bitcoin Conference on July 25, Kennedy highlighted Bitcoin (BTC) as a potential escape from the inflationary environment. He praised Bitcoin’s decentralised nature, viewing it as a model for restoring democracy and personal freedom.

Kennedy stated, “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.”

Proposing Treasury Bills Anchored to Hard Currencies

Kennedy proposed issuing 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.

He explained, “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.”

Plans to Invest in Bitcoin

If elected, Kennedy intends for the federal government to invest in Bitcoin, aiming to match the amount of gold held by the government. He noted that Bitcoin, often compared to gold for its ability to store value, could play a significant role in the Treasury.

Kennedy expressed, “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.”

Critique of Traditional Finance and Support for Bitcoin

Throughout his campaign, Kennedy has questioned the viability of the traditional finance sector, alleging that there are efforts to stifle Bitcoin’s growth, particularly in the US. He has accused Congress of being influenced to ban Bitcoin, which he sees as an “off-ramp” for an inflationary system that maintains monopolies.

Pro-Crypto Stance Among Candidates

Before the November election, both Kennedy and former US president Donald Trump have emerged as pro-crypto candidates. Trump is also expected to address this year’s Bitcoin conference. Both candidates strongly oppose the idea of rolling out a Central Bank Digital Currency (CBDC).

Despite Kennedy's enthusiasm for Bitcoin, his proposals face significant challenges and uncertainties in the broader economic and regulatory landscape.