RFK Jr. Defends Bitcoin, Denounces Climate Concerns as 'Smokescreen' to Limit Freedom
Presidential Candidate Robert F. Kennedy (RFK) Jr. defends Bitcoin against environmental impact criticisms, asserting that opponents use it as a smokescreen to limit financial freedom.
On July 31, RFK responded to Sangha Systems director Daniel Feldman's recent Twitter thread discussing the "symbiotic relationship" between Bitcoin mining and energy generated from renewable sources.
"Bitcoin mining is a solution to improve the electric grid and lessen reliance on fossil fuels. Bitcoin and Bitcoin mining are built for this moment," Daniel wrote.
Robert F. Kennedy Jr. (RFK) acknowledged the argument that Bitcoin might not be as harmful to the environment as previously thought, commenting, "Interesting argument."
He emphasized that using environmental concerns as a pretext to restrict the freedom to transact should be avoided, stating, "At the very least, the environmental argument should not be used as a smokescreen."
According to Feldman, Bitcoin mining offers various economic benefits, contrary to popular media narratives. He believes it can improve the electric grid and reduce reliance on fossil fuels.
The growing digitized world will depend on electricity-hungry data centers powered by renewable energy, but currently, most renewable energy sites are only unprofitable with government subsidies.
Feldman advocates for a shift in the climate debate from polarization to innovation.
He criticizes how tax credits create market distortions, leading to overinvestment in renewable generation and a lack of investment in transmission and distribution infrastructure.
This results in a supply and demand imbalance for renewable energy projects.
On the other hand, Bitcoin mining creates a global market for electricity, encouraging investment in renewable energy projects without tax incentives.
Flexible Bitcoin data centers can sell energy into the local electricity market when needed, providing a new revenue frontier for renewable energy producers.
Pursuing Bitcoin miners' lowest "levelized cost of energy" is a game-changer for renewables, attracting new investment and improving transmission infrastructure, ultimately benefiting end consumers.
Robert F. Kennedy Jr. Endorses Bitcoin Amid Growing Environmental Concerns
In recent years, the environmental impact of Bitcoin has sparked significant debate and concern, especially Bitcoin mining, the energy-intensive process of creating new coins and verifying transactions, has been a focal point of these discussions.
Efforts to address these concerns include exploring more energy-efficient consensus mechanisms. Green energy firms see potential in crypto mining operations that can adapt to sustainable practices.
However, they face opposition from politicians and media outlets that paint a dire picture of Bitcoin's environmental impact.
Robert F. Kennedy Jr., a well-known conspiracy theorist and vaccine skeptic, is an outspoken advocate of Bitcoin.
As a Democratic candidate for president, he has made promoting Bitcoin a central part of his policy proposals, aiming to make America the global hub of cryptocurrency, particularly Bitcoin.
Kennedy's interest in Bitcoin is further evident by recent news that his family trust held between $100,000 and $250,000 worth.
Despite his relatively low chances of winning the Democratic Party's nomination, he has garnered support from Bitcoin maximalists in recent months.
In contrast to his support for Bitcoin, Kennedy has strongly criticized central bank digital currencies (CBDCs), referring to them as tools of control and oppression that are likely to be abused.
Kennedy's enthusiasm for Bitcoin is evident, as he recently purchased 14 Bitcoins, intending to give two to each of his seven children.