Dear America,

On July 26th, presidential candidate Robert Kennedy Jr. participated in a Twitter Space session, where he shared his views on Bitcoin and its potential role in the American economy. During the engaging 90-minute conversation, Kennedy delved into various topics, passionately discussing his belief in Bitcoin, his critique of President Trump and Biden's reliance on the Federal Reserve's money printing to stimulate the economy, and his insights on the persistent economic divide between the rich, middle, and poor classes. Notably, he also outlined his plan to reinstate the Glass-Steagall Act and reduce the military budget as part of his vision for economic reform and a more balanced financial system.

Kennedy's remarks come at a pivotal moment coinciding with a controversial "debanking" situation involving Dr. Mercola and Chase Bank. Disturbingly, Chase Bank took swift and unexpected action, abruptly closing Dr. Mercola's business and personal accounts and those of his CFO, CEO, and even family members. In response to this incident, Kennedy underscored the significance of Bitcoin, explaining that such actions highlight its appeal. He emphasized that our fundamental freedom to transact and save should not be subject to the whims of political enforcers. Kennedy further asserted that no payment platform should have the authority to discriminate against individuals for exercising their right to free speech.

The actions of Chase Bank serve as a stark reminder of the immense power major banking institutions hold in the present day and their potential impact on American citizens. Unfortunately, there has been a concerning trend of increasing centralization within the banking system over the years. However, even more alarming and threatening to freedom is the emergence of Central Bank Digital Currencies (CBDC), which are right on the horizon - a concern that Kennedy is also raising awareness about.

For those unfamiliar with the term, a CBDC refers to a digital version of a country's fiat currency, regulated and controlled by the country's monetary authority. In the United States, this monetary authority would be the Federal Reserve—the same institution that has wielded its influence over the nation's money and credit conditions for over a century. The potential implementation of CBDCs raises crucial questions regarding privacy, financial autonomy, and the extent of control over citizens' financial lives. These concerns warrant a deeper exploration of CBDCs, which I will delve into in greater detail later in this essay.

In this letter, I will discuss two key points. Firstly, Kennedy's plan with Bitcoin and my response to it. While I acknowledge the tremendous value of Bitcoin in our digital age, I am uncertain about its feasibility in the manner Kennedy envisions, and I will elaborate on the reasons behind my skepticism.

Secondly, I want to emphasize the importance of preventing the implementation of Central Bank Digital Currencies (CBDC). CBDCs pose the greatest threat to our financial privacy and freedom, and we must take every possible measure to safeguard against their introduction.

What is Bitcoin?

To grasp Kennedy's vision for Bitcoin, it's essential to comprehend the fundamentals of this digital currency. For those unfamiliar, Bitcoin operates as a decentralized digital currency, utilizing a technology known as blockchain—a distributed and immutable ledger that records all transactions across a network of computers.

The appeal of Bitcoin can be distilled into several key aspects:

1. Decentralization: Unlike traditional fiat currencies controlled by governments and financial institutions, Bitcoin operates decentralized. It is not subject to the control of any single entity or government but relies on a network of computers (nodes) distributed globally.

2. Limited Supply: The total supply of Bitcoin is capped at 21 million, ensuring scarcity. This design controls inflation and fosters a deflationary economic model. Although new Bitcoins are added to the system through the mining process, their issuance rate decreases over time. As of my last update in July 2023, approximately 19.4 million Bitcoins were already in circulation.

3. Use Cases: Bitcoin serves as digital gold, suitable for peer-to-peer transactions and online payments. Its borderless nature allows users to send Bitcoin worldwide without the need for intermediaries like banks or governments. This feature grants users more autonomy over their financial transactions.

I emphasize point three once again, especially considering the current limitations of our financial system. Unlike services like Venmo and PayPal, which depend on the traditional financial system for permission to transfer money and rely on existing debit/credit accounts, Bitcoin operates in a decentralized manner. This means that any two individuals, regardless of location, can send Bitcoin to each other directly without needing a bank, government, or any other intermediary institution. This level of financial autonomy offers a unique advantage, particularly in today's interconnected yet restricted financial landscape.

Kennedy’s Plan & My Response

Currently, Robert Kennedy’s plan for Bitcoin includes the possibility of using it, along with other hard assets, as a way to stabilize the U.S. dollar. Kennedy stated, “My plan would be to start very, very small; perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver, platinum or Bitcoin.”

Kennedy has also discussed the possibility of making Bitcoin a currency and has stated his appeal to make any Bitcoin to U.S. dollar conversions exempt from capital gains taxes.  Furthermore, Kennedy's proposals transcend economics and align with his vision of a free and just society. He advocates for the right to self-custody Bitcoin and the operation of personal nodes. (LeClair). In stark contrast to Central Bank Digital Currencies, Bitcoin embodies principles of individual autonomy and financial sovereignty.

As someone who has worked in the crypto industry and deeply understands digital currencies and their potential, I genuinely appreciate Kennedy's efforts to shed light on digital currencies like Bitcoin. However, I am still determining the feasibility of his approach and harbor some doubts. Backing the U.S. dollar with a small portion of Bitcoin might be inevitable since the rest of the world is beginning to recognize the importance of Bitcoin in the digital economy. Furthermore, Kennedy's pro-Bitcoin tax policies would serve as a strong incentive for innovation and investment in the cryptocurrency sector, an area where the United States is in danger of falling behind. However, my main concern is primarily with using Bitcoin as a currency. We must acknowledge that using Bitcoin as a currency does encounter a couple of limitations, such as transaction time, fees, and perceived value.

One significant historical challenge of Bitcoin is the transaction processing time, which still needs to be improved compared to credit card processing companies like Visa and Mastercard. Waiting for the network to verify if you have the funds is not a feasible option for such everyday transactions. Moreover, we must also consider the challenge posed by transactional costs. In simplified terms, when the Bitcoin network is smaller and the volume of transactions is limited, the system operates smoothly with low transaction fees. However, as the network grows, transaction fees escalate due to limited space in each newly mined block. Consequently, during periods of high network activity, transactions with higher fees are prioritized for processing. This is an inconvenience that everyday consumers would prefer to avoid.


The current scalability issue with Bitcoin is attributed to the limitations of the blockchain. While delving too deeply into technical intricacies in this letter is unnecessary, it is worth noting that potential solutions, like the Lightning Network (LN), have been proposed. The Lightning Network is a protocol designed to enhance Bitcoin's scalability,  speed and limit costs without compromising its trustless operation. Currently, the Lightning Network is still in the process of finding a product-market fit, but some Latin American countries, such as El Salvador, have already embraced its implementation (Koss).

That said, even if the Lightning Network gains widespread acceptance, another significant issue revolves around the perceived value of Bitcoin. As the digital world continues to evolve, Bitcoin has earned the reputation of being the digital gold, valued more as a store of wealth than a means of daily transactions. Its prominent position in the modern economy as the foundation of the entire cryptocurrency ecosystem remains unshaken over time. It has become more common for people to hold onto their Bitcoin rather than trade it. It resembles our view of real-life gold or other long-term assets, with the goal being to accumulate wealth over time. Given this prevailing mindset, shifting people's attitudes about using Bitcoin as a daily currency for regular transactions might be challenging. Using other cryptocurrencies, such as Stablecoins like USDC, would be more practical for everyday transactions. Stablecoins have been specifically designed with the use case of being used as a reliable medium of exchange.

However, the fact that we are having this conversation is a step in the right direction in addressing our monetary and fiscal issues. The reality is that Kennedy is correct as he stated, “We've lost sovereignty over our monetary system...We need to regain our sovereignty of it.”In recent decades, the Federal Reserve has assumed an increasingly prominent role in public affairs. Notably, the Constitution does not mention the necessity for a central bank, and some argue that its existence might even be unconstitutional. Nonetheless, the Federal Reserve has become one, if not the most influential institution in America, and there are no indications of it relinquishing its hold on power. In a significant move, in July, the Federal Reserve launched FedNow, a real-time payment system designed to facilitate instant payments between individuals, businesses, and financial institutions, operating 24/7, 365 days a year. The primary goal of FedNow is to enhance the speed and efficiency of the US payment system, enabling near-instantaneous transactions instead of the usual multi-day waiting periods. The emergence of FedNow has raised concerns among some, who see it as a potential precursor to introducing a Central Bank Digital Currency.

Furthermore, the inherent nature of fiat money raises concerns about the consequences of resorting to excessive money printing as a solution to our issues. Printing more money without due caution has led to a severe devaluation of the Dollar. Even without being an economic expert, one can observe that the Dollar's value today is significantly lower than a decade ago. While the President lacks the direct authority to print money, the U.S. money supply experienced a staggering 41% increase from December 2019 to December 2021, spanning both President Trump and Biden's administrations. This increase in the money supply represented the largest surge in the money supply in modern American economic history (Campbell). It is crucial to note that these figures do not even account for the substantial money printing that has taken place in the past two years.

However, Kennedy must also acknowledge the pressing need for America to preserve our freedom and control of the digital economy. Our world is increasingly becoming digital, and whether we like it or not, the use of cash is gradually diminishing. While this reality may not be preferred, it is becoming inevitable. Observing the trends, it is clear that we have continually sought ways to reduce cash usage since the advent of credit cards. Today, a simple phone is all that is required to make purchases. Change is an inevitable part of life, and while I may not be fond of the current shifts occurring, it is crucial to acknowledge the digital direction in which our world is headed.

Nevertheless, living in a digital world does not have to come at the cost of sacrificing our financial privacy. However, it has become a right at risk of being eroded – an unfortunate consequence of our ever-changing digital landscape. Two potential outcomes lie before us. In one scenario, we envision a digital world where we maintain the freedom and privacy to transact and store our wealth as we see fit, free from unnecessary restrictions and perhaps devoid of centralized control. On the other hand, a more dystopian outlook is already in the works involving the implementation of CDBCs.

In 2022, it came to light that over 100 nations were actively researching and experimenting with Central Bank Digital Currencies (CBDCs). Among these nations was Communist China, with the most extensive CBDC pilot program boasting hundreds of millions of users (Kumar and Lipsky). An example of their advancements was reported when China and France conducted their first LNG gas trade using the Chinese CBDC in early 2023, underscoring China's leading position in CBDCs (Say).

While some argue that America should develop its own CBDC to counter China's influence, it is crucial first to grasp the implications such a move would have on our society. A U.S.-issued CBDC might offer advantages like faster, cheaper, and more efficient payment and exchange methods. It could enable central banks to distribute money to individuals and institutions rapidly. However, the consequences of implementing a CBDC far outweigh the benefits, as it could further concentrate power within the Federal Reserve and pose potential threats to financial privacy and individual liberties.

In light of the potential disruptions and the possibility of eliminating community and small banks due to forced competition, one of the most alarming aspects of CBDCs is their potential invasion of privacy. If implemented, governments would be able to track every transaction made by citizens using CBDCs. While this could ostensibly aid in tackling illicit activities, it also raises significant concerns about privacy infringement. Such widespread surveillance could lead to the monitoring of citizens' spending habits, potentially undermining personal privacy and civil liberties. The recent incident involving Dr. Mercola serves as a small example of what could occur with increased banking power to individuals, and CBDCs may amplify these concerns further.

As Kennedy stated, “I oppose central bank digital currencies because they are instruments of control and oppression and are certain to be abused” (Solimano). Robert Kennedy Jr. is not the only presidential candidate to address the concerns of CDBCs. Florida Governor and Presidential candidate Ron DeSantis also took a decisive stance by signing legislation that bans using any central bank digital currency issued by the U.S. in Florida. Like Kennedy, DeSantis fears that a federally controlled CBDC would be a misuse of power and give government officials the ability to see all consumer activity and even cut off consumer access to goods and services (Girod).

Final Remarks

America, throughout history, a recurring pattern has emerged: once power is granted, it becomes challenging to retrieve it. Unfortunately, we have unwittingly contributed to creating a powerful Federal Reserve that constantly seeks more control. The danger lies in reaching a tipping point where any additional power bestowed upon it could lead to financial enslavement. Reclaiming our monetary sovereignty will not be a simple task, but Bitcoin offers a glimmer of hope in the right direction. I urge all Americans to be mindful of this critical issue when voting in 2024. Let us support those who strive to safeguard our financial freedom and privacy and refrain from those who seek to diminish it. Our collective actions can shape our nation's financial future, so let us be vigilant and wise in our choices, not only for ourselves but for our children as well.

As I bring this letter to a close, I am compelled to draw attention to Robert Kennedy Jr.'s remarkably similar path to that of his uncle, John F. Kennedy. Like President Kennedy, RFK Jr. is resolute in his mission to wrest power from the Federal Reserve and return it to the hands of the American people. This is a daring proposal, one that, according to conspiracy theorists, played a significant role in JFK's untimely demise.

Now, six decades later, RFK Jr. faces an uphill battle, challenging an even more formidable Federal Reserve. However, one cannot help but wonder if this is the battle he was destined to fight, continuing his uncle's legacy. History has a peculiar way of repeating itself, and it is in these pivotal moments individuals like RFK Jr. can shape the course of our nation's future. As we journey forward, let us keep the lessons of history close to our hearts and remain vigilant in safeguarding our financial sovereignty and freedom. Together, we must persevere and continue forging a better path for future generations.

In these uncertain times, let us also offer our prayers for Robert Kennedy Jr. and his family that they may be protected and find strength in their endeavors. May their pursuit of empowering the American people in the face of powerful institutions be guided and fortified by unwavering determination.

God Bless America.

Signed,

G.S.P.

Works Cited

1. Campbell, Tom. “The Truth about Inflation Is More Nuanced than Biden or His Critics Suggest.” Orange County Register, 31 Jan. 2022, www.ocregister.com/2022/01/31/the-truth-about-inflation-is-more-nuanced-than-biden-or-his-critics-suggest/. Accessed 28 July 2023.

2. Girod, Brandon. “Florida Gov. Ron DeSantis Banned Central Bank Digital Currency. Here’s What It Is”: Pensacola News Journal, 12 May 2023, www.pnj.com/story/news/politics/2023/05/12/desantis-bans-cbdc-in-florida-central-bank-digital-currency-explained/70211613007/. Accessed 28 July 2023.

3. Koss, Mickey. “Bitcoin’s Lighting Network: Fast, Cheap, and a Lifeline for Latin America.” Forbes, 15 June 2023, www.forbes.com/sites/digital-assets/2023/07/15/bitcoins-lighting-network-fast-cheap-and-a-lifeline-for-latin-america/?sh=12fd1e2c77d4. Accessed 28 July 2023.

4. Kumar , Ananya , and Josh Lipsky. “Central Banks Are Embracing Digital Currencies. Will the US Lead or Follow?” Atlantic Council, 2 June 2022, www.atlanticcouncil.org/blogs/new-atlanticist/central-banks-are-embracing-digital-currencies-will-the-us-lead-or-follow/.

5. LeClair, Dylan. “RFK Jr. Announces Bold Plan to Back Dollar with Bitcoin, End Bitcoin Taxes.” Bitcoin Magazine - Bitcoin News, Articles and Expert Insights, 19 July 2023, bitcoinmagazine.com/culture/rfk-jr-plans-to-back-dollar-with-bitcoin. Accessed 28 July 2023.

6. Say, Nicholas. “China & France Complete First LNG Gas Trade Using Chinese CBDC.” Blockonomi, 31 Mar. 2023, blockonomi.com/china-france-complete-first-lng-gas-trade-using-chinese-cbdc/. Accessed 28 July 2023.

7. Solimano, Pedro. “Robert F. Kennedy Jr. Praises Bitcoin, Says CBDCs Are “Instruments of Control.”” Decrypt, 23 June 2023, decrypt.co/145951/robert-f-kennedy-jr-praises-bitcoin-says-cbdcs-are-instruments-of-control. Accessed 28 July 2023.