Recently, Democratic presidential candidate Robert F. Kennedy Jr. made a confirmation about his recent purchase of Bitcoin for his seven children earlier this year on Twitter Space on July 26. This decision came in response to the criticism he faced from the mainstream media and crypto experts after expressing his pro-Bitcoin views at the Bitcoin Miami Conference in May.
Kennedy stated that he had faced lots of criticism for promoting a “volatile commodity” without having any personal stake. However, shortly after the Miami conference, when he received a subscription payment, he decided to invest in Bitcoin for his seven children, six of whom are his biological children, and one is his daughter from his marriage to actress Cheryl Hines.
Previously, during the conference, Kennedy denied having any investments in Bitcoin and said, “I am not an investor, and I am not here to give investment advice.” However, on July 9, 2023, a record obtained by CNBC shed light on Kennedy’s investment in Bitcoin, showing that he owned between $100,001 and $250,000 worth of cryptocurrency at the end of June.
With Kennedy’s purchase of 14 Bitcoins around $26,800 at the end of the conference, his total cryptocurrency holdings at the end of June would have surpassed $380,000. Currently, Bitcoin is trading at around $29,320, which means that Kennedy’s total investment would now be around $410,000.
At the time of his speech at the Bitcoin Miami conference, Kennedy also announced his acceptance of campaign donations in Bitcoin. His move to invest in cryptocurrency aligns with his ongoing support for exploring the possibility of backing the U.S. dollar with Bitcoin and making the asset exempt from capital gains taxes, should he be elected as President.
In a report by Todayq News on May 29, the 2024 United States presidential election is witnessing a heightened focus on cryptocurrencies, notably Bitcoin. A Twitter poll commissioned by Michael Saylor, the executive chairman of MicroStrategy, revealed that 84% of respondents believe a presidential candidate must support their right to Bitcoin to secure their vote. This highlights the growing public demand for leaders who actively endorse and promote the use of cryptocurrencies.
Meanwhile, Kennedy believes that Bitcoin can fuel innovation and economic growth. He supports capital gains exemptions that give preference to smaller investors and businesses, aiming to avoid an uneven advantage for large corporations like BlackRock and Goldman Sachs.