Presidential candidate RFK Jr. proposes backing US dollar with Bitcoin Presidential candidate RFK Jr. proposes backing US dollar with Bitcoin
Robert Kennedy said his government would exempt Bitcoin from capital gain taxes to incentivize ventures to build in the United States.
2 min read
Updated: Jul. 24, 2023 at 4:46 pm UTC
Gage Skidmore / CC BY-SA 2.0 / Wikimedia. Remixed by CryptoSlate
Presidential candidate Robert F. Kennedy Jr. revealed plans to back the U.S. Dollar with Bitcoin (BTC) and exempt the flagship digital asset from capital gains tax while speaking at a July 18 Heal-the-Divide PAC event.
“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.”
Kennedy pointed out that the policy would substantially solidify the U.S. Dollar‘s position as the world’s reserve currency, adding that:
“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.”
No capital gain taxes for BTC
The pro-BTC presidential hopeful further stated that his government would exempt the digital asset from capital gain taxes. Kennedy said this act would greatly benefit innovations, spur investments and ensure citizens’ privacy.
Kennedy continued that the policy would incentivize ventures to grow their businesses in the country instead of moving offshore to places like Singapore, Switzerland, Germany, and Portugal. He explained that:
“Non-taxable events are unreportable and that means it will be more difficult for governments to weaponize currency against free speech, which as many of you know, is one of my principal objectives.”
Other Pro-BTC proclamations
The presidential candidate also reiterated some of his old pro-BTC statements, noting how President Biden’s current administration has punished banks dealing with Bitcoin through Choke Point 2.0.
Earlier in the year, several U.S. crypto-friendly banks collapsed quickly as the authorities tightened the noose around the industry.
Kennedy further commented on the regulatory outlook for the crypto industry, saying:
“Bitcoin is not a security and should not be regulated as one.”
Lampoons fiat currencies
Meanwhile, RFK Jr criticized fiat currencies, saying they were invented to fund wars. He revealed his preference for base currencies because they make it more difficult for the government to “just print money to fund the war and tax the public through the hidden tax of inflation.”
Since Kennedy began his campaign for office, he has consistently advocated against the weaponization of currencies and condemnedย central bank digital currencies (CBDCs).
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Robert F Kennedy Jr is an American environmental lawyer, politician, and author.