Democratic presidential candidate Robert F. Kennedy Jr. made headlines recently when he revealed that he had purchased a significant amount of Bitcoin earlier this year. In a Twitter Space conversation on July 26, Kennedy explained that he decided to invest in Bitcoin after receiving criticism for promoting the cryptocurrency without having any personal stake in it.
Kennedy disclosed that he bought two Bitcoin for each of his seven children, a total of 14 Bitcoin. This move was in response to the backlash he faced for advocating for Bitcoin at the Bitcoin Miami Conference in May. He stated, “Right after that Bitcoin conference I got a big check and I said, okay, you know, I’m going to put my money where my mouth is and so I bought two Bitcoin for every one of my seven children.”
Kennedy has six biological children, four sons, and two daughters, with ages ranging from 22 to 38. It is unclear who the seventh child is, but it is speculated to be Cheryl Hines’ daughter from a previous relationship. Kennedy married actress Cheryl Hines in 2014.
Interestingly, at the Bitcoin Miami Conference, Kennedy denied having any personal investment in Bitcoin, stating that he was not an investor and not there to give investment advice. However, leaked financial disclosures later revealed that Kennedy had between $100,001 and $250,000 worth of Bitcoin at the end of June.
Based on the current price of Bitcoin, Kennedy’s investment is now worth around $410,000. This shows a significant increase in value since the time of his purchase. In the same interview, Kennedy reiterated his plans to back the U.S. dollar with Bitcoin and make the cryptocurrency exempt from capital gains taxes if he were to be elected as President.
Kennedy sees Bitcoin as a means to bring innovation back to America and believes that any capital gains exemptions should primarily benefit smaller investors and businesses rather than large corporations like BlackRock and Goldman Sachs.
This revelation about Kennedy’s investment in Bitcoin adds a new dimension to his campaign and highlights his belief in the potential of cryptocurrencies. As the 2024 presidential race heats up, Kennedy’s position on Bitcoin and his plans for its integration into the U.S. economy may become a significant talking point. It remains to be seen how this move will resonate with voters and if it will impact his campaign in any way.