May 4 (Cointime) - Robert F. Kennedy Jr., a candidate for the presidency, criticized the Biden administration's proposal for a 30% tax on cryptocurrency mining.

Yesterday, Cointime reported that the Biden administration proposes a 30% tax on crypto miners to address climate change, which had also been mentioned in a tax plan in March.

Kennedy wrote in a tweet thread:

“Cryptocurrencies, led by Bitcoin, along with other crypto technologies are a major innovation engine … Biden’s proposed 30% tax on cryptocurrency mining is a bad idea.”

Kennedy asserted that proposals for regulating cryptocurrency and crypto mining are driven by political motives. He dismissed arguments about Bitcoin's energy consumption as a "selective pretext" aimed at controlling threats to elite power structures.

Moreover, Kennedy contended that the US economy would be more robust if it embraced the availability of Bitcoin and various other currencies alongside the US dollar.

Read the full thread:

Yes, energy use is a concern (though somewhat overstated), but bitcoin mining uses about the same as video games and no one is calling for a ban on those. The environmental argument is a selective pretext to suppress anything that threatens elite power structures. Bitcoin, for example.

Some advocate tight control of cryptocurrencies to prevent their use by criminals. But it isn’t just criminals who want privacy. So do dissidents and ordinary citizens. Governments harass their enemies and crush dissent by controlling bank accounts and payment platforms. Until we restore trust in government (a distant prospect) we need cash and crypto to ensure freedom.

Just as a biodiverse ecosystem is a resilient ecosystem, so too will our economy be more resilient if it has a diverse ecology of currencies, not just a single, centrally controlled one. We are seeing today how fragile our over-centralized system is.