Ron DeSantis, Robert F. Kennedy Jr. Unite Against CBDCs — Champion Bitcoin As Alternative

Robert F. Kennedy Jr, who recently filed papers to run as a Democrat in the 2024 presidential election, has expressed concerns about the launch of central bank digital currencies, or CBDCs.

What Happened: In a tweet on Monday, Kennedy Jr. said that the claim that FedNow is not the first step toward a CBDC would be more easily digestible if we "were not aware of the Biden administration's steady barrage of hostile broadsides against cryptocurrencies."

Kennedy warned about the potential dangers of a CBDC, linking it to the launch of FedNow, a service provided by the Federal Reserve for instant settlement between financial institutions. 

He said, "Cryptocurrencies like Bitcoin BTC/USD give the public an escape route from the splatter zone when this [financial] bubble invariably bursts."

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Last week, Kennedy said that a CBDC tied to digital identification and social credit scores would enable the government to freeze assets or limit spending. He added that while cash transactions are anonymous, a CBDC could expose private financial transactions to government surveillance.

Kennedy’s tweet came after Florida Governor Ron DeSantis expressed his opposition to CBDCs, claiming that they pose a threat to the financial system and that the private sector is better equipped to provide digital payment solutions.

The Federal Reserve responded to Kennedy’s tweet, noting that FedNow is not a CBDC and that it is not intended to replace cash. In an updated section of its FAQs page, the Federal Reserve clarified that FedNow is simply a payment service that allows banks and credit unions to transfer funds quickly.

Price Action: At the time of writing, BTC was trading at $30,011, up 5.99% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin Crosses $30K, Ethereum And Dogecoin Flash Green: Analyst Says 11 Mysterious, Identical Transactions Caused Apex Crypto To Rally