What is your opinion on the Democratic presidential candidates accepting Bitcoin as campaign donations?

What do you think about Democratic candidates accepting Bitcoin as donations for their campaigns?

Compiled by | Cindy, SophonLabs

US Democratic presidential candidate Robert Kennedy announced that he accepts donations in this emerging currency. He highly praised the democratic and free symbols represented by cryptocurrency. However, Biden strongly opposes any agreement that protects wealthy tax evaders and cryptocurrency traders. Although different politicians have different views on BTC, it is undeniable that the application of BTC is becoming more and more widespread. But a lot of effort from all parties is still needed to truly rationalize the use of Bitcoin (BTC).

US Democratic presidential candidate Robert Kennedy became the first presidential candidate in US history to accept Bitcoin campaign donations. He announced that he accepts donations in this emerging currency at Miami Bitcoin 2023.

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This appearance was also his first participation in a cryptocurrency conference, during which he highly praised the democratic and free symbols represented by cryptocurrency. This move not only demonstrates his foresight and inclusiveness, but also shows his support and trust in emerging technology.

Miami Bitcoin 2023 Conference

Compared with the Bitcoin summit in 2022 when BTC was still at the level of $45,000, this year’s Miami Bitcoin conference seems to be affected by factors such as price, and the number of participants has plummeted. The Miami Bitcoin conference last year attracted about 35,000 participants, more than 400 sponsors, and 450 speakers.

Compared with when Bitcoin was still at $45,000 at that time, although the ecosystem is now backed by NFT protocol Ordinals and token standard BRC-20, Bitcoin still fell below its recent high of $31,505, and as of writing this answer, its price has fallen to $26,792.

The decline in the number of participants may be due to economic issues. The current bear market makes people unwilling to experience the accumulation stage of low prices, but attending the summit can deepen their understanding of cryptocurrency.

Who is Robert F. Kennedy Jr.?

Robert F. Kennedy Jr. is a respected American environmentalist and lawyer who has dedicated his career to advancing work in environmentalism, climate change, and sustainable development. As the son of former United States Attorney General and New York State Senator Robert Kennedy, he inherited a political legacy and has been committed to speaking out for the public good. Additionally, he is the nephew of the 35th President of the United States, John F. Kennedy, which gives him a deep family background and heritage in politics.

Beyond his work in politics and environmentalism, Robert F. Kennedy Jr. is also an active lawyer who has served in multiple roles in various fields. He is also a prolific writer and speaker, often giving talks and publishing articles across the country to advocate for more active action on environmental and social justice issues. Due to his family background and outstanding achievements, Robert F. Kennedy Jr. enjoys a wide reputation and influence in American politics and society.

Why does Robert F. Kennedy Jr. support Bitcoin?

Robert F. Kennedy Jr. is also a cryptocurrency libertarian who actively shares his views on Twitter. In a recent article, he made it clear that encryption technology is one of the main innovative drivers today. He believes that the development of cryptocurrencies will have a profound impact on the global financial system, which is an unstoppable trend. At the same time, he points out that the US government is hindering the development of the industry, which may lead to a decline in the US’s competitiveness in this area, while other countries will seize the opportunity to promote innovation. Therefore, Robert F. Kennedy Jr. calls on the government to adopt a positive attitude, support the innovation and development of cryptocurrencies, and maintain a competitive advantage in this field.

Robert F. Kennedy Jr.’s support for Bitcoin is based on the decentralized solutions it provides, which can replace traditional financial systems and allow people to transact without government intervention. He firmly believes that Bitcoin is an important tool that can drive global people’s movements, especially in politically turbulent countries such as Myanmar, Ukraine, and Russia.

Compared to traditional financial systems, Bitcoin’s decentralized nature makes it more democratic and free. Robert Kennedy believes that Bitcoin can provide a secure and anonymous way of transacting for those who are subject to government control and surveillance. In addition, Bitcoin’s digital nature makes it more convenient and efficient, making it suitable for transactions on a global scale.

Robert Kennedy’s support for Bitcoin is not just theoretical, as he actively participates in some Bitcoin-related projects and organizations. He believes that supporting the development of Bitcoin and other cryptocurrencies can promote global economic development and prosperity. At the same time, he also calls for governments to adopt a more open and inclusive attitude to enable cryptocurrencies to have better development and application within the legal framework.

Biden’s stance on BTC and other cryptocurrencies

President Biden expressed his firm opposition to any agreement that protects wealthy tax evaders and cryptocurrency traders in a speech. He believes that every citizen should bear their own responsibility and obligations as citizens, including paying their due taxes. Tax evasion and other improper means are unacceptable, and any attempt to evade taxes will be cracked down on and punished.

In addition, President Biden also stated that the cryptocurrency industry needs better regulation and transparency to prevent it from being used for illegal activities or money laundering. He emphasized that the government should take more active and effective measures to ensure the legitimacy and compliance of the cryptocurrency industry. At the same time, he also called on the cryptocurrency industry to voluntarily comply with relevant laws and regulations and make positive contributions to the development and prosperity of society.

Overall, President Biden’s stance is very clear, and he will continue to strengthen efforts to crack down on tax evasion and illegal activities while promoting the legalization and development of the cryptocurrency industry.

Although different politicians have different views on BTC, it is undeniable that BTC is being applied more and more widely. However, for the rationalization of Bitcoin (BTC) application, more efforts are needed from all parties:

First of all, governments and regulatory agencies need to adopt a more open and inclusive attitude to encourage and support the development and application of Bitcoin. Governments can formulate relevant laws and regulations to regulate the use and transaction activities of Bitcoin, and protect the rights and interests of investors and users.

Secondly, the Bitcoin industry needs to pay more attention to compliance and transparency in order to meet the requirements of regulators and users. Bitcoin exchanges and wallet providers need to implement measures such as KYC (Know Your Customer) and AML (Anti-Money Laundering) to ensure the safety and compliance of transactions and funds.

Thirdly, Bitcoin’s technology and infrastructure need to be continuously improved and developed to meet the needs of users and the market. Bitcoin’s scalability and performance optimization are currently hot issues that require joint efforts from the Bitcoin community and developers to find better solutions.

Overall, the rationalization of Bitcoin’s applications requires efforts and support from various parties, including governments, regulators, the Bitcoin industry, the technology community, and users, among others. Only in this way can Bitcoin truly become a legal and compliant payment method and value storage tool.

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