Robert F. Kennedy Jr., a prominent Democratic presidential candidate, has confirmed that he invested substantially in Bitcoin earlier this year. In a recent Twitter space event on July 26, Kennedy revealed that he purchased two Bitcoins for each of his seven children, totaling 14, after facing criticism for his pro-Bitcoin stance at the Bitcoin Miami Conference in May.
The decision to invest came as a response to crypto industry experts and mainstream media critics, who questioned his promotion of a “volatile commodity” without having any personal stake. However, Kennedy took action to align his words with actions, stating, “I’m going to put my money where my mouth is.”
Kennedy, who has six biological children and one stepchild from his marriage to actress Cheryl Hines, emphasized his commitment to supporting the digital asset by purchasing Bitcoin for each of them.
During the Bitcoin Miami Conference, the candidate had initially denied having any personal investments in cryptocurrency, stating that he was not an investor and was not providing investment advice. However, the recent disclosure of his financial records revealed holdings of “between $100,001 and $250,000” worth of Bitcoin by the end of June.
Considering the price of Bitcoin at the time of the conference, Kennedy’s initial investment of approximately $26,800 in 14 Bitcoins would have grown significantly to a current value of approximately $410,000, with Bitcoin’s current price standing at $29,327, as per Cointelegraph price data.
In addition to disclosing his investment, Kennedy reaffirmed his commitment to advocating for policies that support the crypto industry. He plans to back the U.S. dollar with Bitcoin to return innovation to America. Moreover, if elected President, he intends to exempt small investors and businesses from capital gains taxes on Bitcoin conversions. This strategy aims to prevent large companies like BlackRock and Goldman Sachs from benefiting disproportionately from such exemptions, thereby ensuring a fair and equitable crypto-friendly environment.
Kennedy’s entry into the world of Bitcoin investment underscores the growing interest in cryptocurrencies among political figures. It showcases the potential impact of their influence on the future regulatory landscape for digital assets.
As the political landscape evolves, Kennedy’s pro-crypto stance and proposed policies could have significant implications for the cryptocurrency market, as investors and industry participants eagerly await the potential advancement of crypto-friendly legislation.
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