Published
10 months ago on
July 10, 2023
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Democratic presidential candidate Robert F. Kennedy Jr had recently stated during a May conference that he has not invested in Bitcoin. However, financial records have shown that he is indeed invested in the cryptocurrency.
Robert F. Kennedy Jr’s Bitcoin Investment
The Democratic presidential candidate had, during his appearance at the Bitcoin conference in Miami, told conference attendees that he was not an investor in Bitcoin, and neither was he in a position to give investment advice. However, he had stated that he was open to accepting campaign donations in Bitcoin. However, June’s financial documents showed otherwise, revealing that a brokerage account he held had between $100,000 and $250,000 worth of Bitcoin.
Just hours after the information came to light, the Kennedy camp went into damage control, with campaign manager and former Democratic Rep Dennis Kucinich stating that the Bitcoin investment was made after the Miami conference speech and the June 30th filing deadline. According to the chief ethics counsel for the watchdog group Citizens for Responsibility and Ethics in Washington, Virginia Canter, the situation could represent a conflict of interest. This is because Kennedy appeared to be touting Bitcoin on the campaign trail while his immediate family invested in the cryptocurrency. However, the Kennedy campaign has stated that there are no grounds for a conflict of interest.
“I’m really concerned that he’s speaking at this conference, touting this investment to potential voters while the family has a history of owning Bitcoin. It’s like he could do the same thing for Procter and Gamble.”
Details Of The Filing
According to the filing, the Bitcoin holding in question made less than $201 as income. However, it does not specify when it was purchased and also does not reveal how much was spent on the original investment. It is also unclear whether the Bitcoin holding has been sold. The holding is listed under a section on the form that includes assets that could belong to spouses or dependent children and is intended to disclose holdings from the preceding calendar year to the current filing date.
Hours after the story about the holdings broke, the Kennedy campaign stated that the investment was that of his wife and that Kennedy was not involved in business and investment decisions taken by his wife. However, they did not state when the asset was purchased and for how long it was held. However, the campaign later issued another statement, saying that the investment indeed belonged to Kennedy.
“I was mistaken in my last communication. Mr. Kennedy does hold a Bitcoin investment, but it came later. At the time of the bitcoin speech, he had no cryptocurrency holdings.”
Pro Crypto Stance
Robert F. Kennedy Jr is part of a growing list of pro-crypto candidates, which also includes Republican Senator Ted Cruz and others such as Florida governor and presidential hopeful Ron DeSantis. Highlighting his support for Bitcoin and crypto in general, Kennedy had stated in a tweet,
“Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply; it points the way toward a future in which government institutions are more transparent and more democratic.”
The tweet also included a video of a part of his speech at the Miami Bitcoin conference, where he described how he would be a pro-Bitcoin president. As a result, the Kennedy campaign has garnered considerable support from several wealthy supporters, even though he remains far behind President Joe Biden in the Democratic primary polls. These include billionaire Jack Dorsey and others such as Chamath Palihapitiya, Omeed Malik, and David Sacks. According to surveys, Biden has 70% support among Democrats and Democratic-leaning voters, while Kennedy has support among 17%.
However, while Kennedy has adopted a pro-Bitcoin stance, the Biden administration has taken an aggressive approach towards crypto. The Securities and Exchange Commission (SEC), under current chair Gary Gensler, has gone after several prominent entities in the crypto space, including Binance and Coinbase.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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