In a surprising turn of events, Democratic presidential candidate Robert F. Kennedy Jr. has disclosed his investment in Bitcoin, contradicting his previous denial. The disclosure  came to light through a financial record obtained by CNBC. It indicates that Kennedy Jr. holds a significant stake of up to $250,000 in the leading cryptocurrency.

This investment was made subsequent to his appearance at the Bitcoin 2023 conference in May. There, he also proclaimed that his campaign would accept Bitcoin donations—an unprecedented move in U.S. politics.

Kennedy Jr.’s Initial Denial and Financial Disclosure 

During the Bitcoin 2023 conference, Kennedy Jr. categorically denied being a Bitcoin investor.

He asserted,

“I am not an investor, and I am not here to give investment advice.”

The financial disclosure, filed on June 30, does not specify the exact timing of the cryptocurrency purchase. However, it confirms that Kennedy Jr.’s Bitcoin holdings were valued between $100,001 and $250,000 at the end of June.

Notably, the disclosure also reveals that the investment has yielded a return of less than $201 since its acquisition. While the filing does not explicitly identify the buyer within the Kennedy family, the candidate’s campaign has acknowledged Kennedy Jr. as the investor.

A screenshot of Kennedy Jr.’s purchases from the financial disclosure

Kennedy Jr.’s Crypto Stance and Support from Influential Backers

Kennedy Jr., who is challenging President Joe Biden in the upcoming race, has actively embraced the crypto community as part of his campaign strategy. In a tweet posted on May 3, he emphasized the importance of cryptocurrencies and their potential for driving innovation, stating, “cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine.”

Furthermore, he criticized the U.S. government for hindering the industry’s progress and inadvertently encouraging innovation to relocate elsewhere.

Kennedy Jr. has garnered support from prominent individuals within the tech and crypto sectors. These include Jack Dorsey, the founder of Twitter and CEO of The Block Inc. Dorsey, who has recently endorsed Kennedy Jr., expressed confidence in the candidate’s ability to outmaneuver his opponents in the upcoming race, affirming, “He can and will.”

Kennedy Jr.’s Legacy and Crypto Industry’s Crucial Time:

As the son of former Attorney General and Senator Robert F. Kennedy, as well as the nephew of the 35th President of the U.S., John F. Kennedy, Kennedy Jr. enjoys a strong political lineage. His newfound support for cryptocurrencies arrives at a pivotal moment for the American crypto industry.

With the Securities and Exchange Commission (SEC) intensifying its crackdown on crypto businesses due to the absence of comprehensive regulatory frameworks for digital assets in the U.S., Kennedy Jr.’s backing may prove instrumental in shaping the industry’s future.

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