Crypto

RFK Jr. wants to use cryptocurrency to back the dollar

Cryptocurrency is taking center stage as presidential hopefuls look for support

At the recent PAC Heal-the-Divide event, Democratic presidential nominee Robert F. Kennedy Jr. outlined detailed Bitcoin-focused policies he would implement as president, including support backing the US dollar with Bitcoin and an exemption from the capital gains tax on Bitcoin profits.

“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,” said Kennedy, whose vision is to return to the US standard of hard currency. He added that depending on the result of this first phase, the allotment would increase yearly.

This conceivable policy reinvents the financial system with a future where bitcoin shortages and sound monetary standards strengthen the US dollar’s ​​weakened position as the world’s reserve currency. “Backing dollars and US 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,” said the candidate. Additionally, Kennedy announced that his administration would exempt bitcoin-to-dollar conversions from capital gains tax.

In his statement, Kennedy reiterated many of the pledges he made in his speech at the Bitcoin 2023 conference in May to encourage Bitcoin adoption. These include “defending the right of self-custody of Bitcoin,” supporting the “right to run a node at home” and advocating “industry-neutral regulation of energy.”

Kennedy has described his dedication to Bitcoin as essential to the objectives of his uncle, the late President John F. Kennedy, and his vision for leading a free and just society. Kennedy also mentioned the routine use of unsecured fiat money to fund wars without requiring special government taxation or citizen consent.

Kennedy’s unwavering confidence in Bitcoin could be a significant shift in policy, where Bitcoin is viewed as an asset and a diplomatic tool to ensure fiscal longevity and attract intellectual capital to the US.

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