Democratic presidential hopeful Robert F. Kennedy Jr. has pledged to restore strength to the United States dollar using Bitcoin. The Kennedy family scion also plans to exempt Bitcoin profits from capital gains tax.
Backing The Dollar With Bitcoin
Presidential candidate Robert F. Kennedy Jr has unveiled an ambitious plan that seeks to revolutionize the financial landscape of the U.S.
Speaking during the Heal-the-Divide PAC event on Wednesday, RFK claimed that backing the U.S. dollar with what he deemed “real finite assets” such as gold, silver, or Bitcoin, could help breathe life into the struggling economy and guarantee the status of the dollar as the world reserve currency.
“Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation, and usher in a new era of American financial stability, peace, and prosperity.”
He noted that the process would be gradual and that he would revise the amount of backing for the dollar depending on the success of the audacious plan. “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,” he posited.
“Ironically we will be able to use bitcoin to save the U.S. dollar,” Kennedy added.
RFK Vows To Exempt Bitcoin Profits From Capital Gains Tax
RFK has previously made waves in the cryptoverse, including when he made a pit stop at the biggest annual industry conference Bitcoin Miami where he declared that he’d “defend the right of self-custody of bitcoin and other digital assets.” He also revealed that his campaign is accepting BTC donations. It was also recently reported that Kennedy holds downwards of $250,000 in crypto.
The high-profile presidential challenger in the July 19 event that he would also exempt Bitcoin to U.S. dollar conversions from capital gains taxes. He said the proposed tax exemption would stimulate investment and encourage startups to establish their businesses within the United States instead of moving to other crypto-friendly jurisdictions like Singapore and Switzerland. In Kennedy’s view, making Bitcoin conversion a non-taxable event would foster innovation, safeguard privacy, and make it more difficult for governments to use digital currency against free speech.
FFK, who has been accused of circulating anti-vaxxer disinformation, has also been noted for his crypto enthusiasm in the past. The high-profile presidential challenger has been outspoken in his evangelism of crypto, including bashing a proposed 30% tax on crypto mining, describing the recent avalanche of regulatory enforcement actions against the sector as “an extra-legal war” that has harmed the U.S.’s economic prospects, and speaking against “oppressive” central bank digital currencies (CBDCs).