Benzinga - Robert F. Kennedy Jr., the latest presidential candidate and a member of one of the most famous U.S. political families, criticized President Joe Biden's proposed 30% tax on cryptocurrency mining, calling it a "bad idea."
Kennedy believes that cryptocurrencies, such as Bitcoin (CRYPTO: BTC), serve as a significant innovation engine and that the U.S. government should not hinder the industry or drive innovation elsewhere.
While acknowledging energy use concerns, Kennedy argued Bitcoin mining's energy consumption is on par with that of video games, which face no such calls for bans or taxation.
He suggested the environmental argument is a selective pretext to suppress anything that threatens elite power structures, like Bitcoin.
Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea.