Biden’s Proposed 30% On Cryptocurrency Mining Is A Bad Idea

Robert .F. Kennedy Jr, a presidential aspirant in the upcoming US 2024 elections, had not minced words when he called sitting president Biden’s proposed 30% tax on cryptocurrency mining a “Bad Idea”.

Robert, who believes cryptocurrencies led by Bitcoin and its technologies are a major innovation engine, also stated that it is a mistake for the US government to drive this new technological innovation elsewhere.

A report from the official website of the Whitehouse dated May 2, 2023, had earlier headlined the DAME Tax, which sees to it that crypto miners, including corporate mining companies, “pay for the costs they impose on others.” While this update had stirred reactions from the crypto community, Robert Kennedy Jr has had more to say about this development.

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. 🧵

— Robert F. Kennedy Jr (@RobertKennedyJr) May 3, 2023

Biden’s Government Proposes Tax On Crypto Mining

The US government under Joe Biden’s administration had earlier raised energy concerns and costs pertaining to crypto mining in the country.

According to a Whitehouse report, the amount of electricity used in the sector in the United States in 2022 was allegedly close to the amount of energy used to power all home computers or residential lighting in the country.

The US government claims that crypto miners allegedly use a high amount of energy without paying for “the costs and impacts their activities impose on others.” This cost is experience, according to the U.S., in the form of environmental pollution and higher energy prices.

That is why the US government proposed the Digital Asset Mining Energy (DAME) tax to make crypto mining firms accountable for their energy usage by making tax payments equal to 30 percent of the electricity costs they use in mining cryptocurrency or digital assets. 

Robert Kennedy Speaks Out Against Tax On Crypto Mining

In addition to the above, Robert Kennedy stated that while the use of energy and its concerns are somewhat overstated, Bitcoin mining consumes almost the same energy as the video game industry, but “no one calls for a ban” on this sector.

Robert F. Kennedy Jr holds the view that the energy and environmental impact narrative pushed forward for Bitcoin is only a “Selective pretext to suppress anything that threatens elite power structures.”

A diverse ecosystem is a resilient ecosystem, the presidential candidate said. And that the US economy would be more resilient if it had more structures, such as a diverse ecology of currencies and not just a centrally controlled one.

Kennedy also linked the drawbacks of a centralized system to the fragility and present crisis of the economy.
A key statement that stood out from Robert Kennedy’s tweet is, ” We need Cash and Crypto to ensure freedom.”

Bitcoin price gains momentum on the daily timeframe and moves to test resistance at $29,200 | Source: BTCUSD on TradingView.com

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