Democratic presidential candidate Robert F. Kennedy Jr. has unveiled his plan to back the United States dollar with Bitcoin (BTC) if he wins the presidency.
Kennedy made this announcement during a Heal-the-Divide PAC event on July 19, where he emphasized the potential of using “hard currency” like gold, silver, platinum, or Bitcoin to stabilize the American economy.
Kennedy believes that backing the U.S. dollar with tangible assets could strengthen the currency, combat inflation, and foster financial stability, peace, and prosperity in the nation.
He clarified that this process would be implemented gradually, and the level of backing for the dollar would be adjusted based on the success of the plan.
To initiate the strategy, Kennedy proposed a conservative approach, suggesting that initially, only a small portion of issued T-bills, perhaps around 1%, would be backed by hard currency such as gold, silver, platinum, or Bitcoin.
In addition to his backing of Bitcoin, Kennedy also declared his intention to exempt Bitcoin to U.S. dollar conversions from capital gains taxes.
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He believes that this exemption would encourage investment and incentivize businesses to choose the United States as their primary location, rather than crypto-friendly jurisdictions like Singapore or Switzerland.
Kennedy’s recent statements in support of Bitcoin follow his participation in the Bitcoin 2023 conference in Miami on May 19, where he announced that he would accept political campaign donations in Bitcoin.
Surprisingly, investment disclosures on July 9 revealed that Kennedy himself owned up to $250,000 worth of Bitcoin, contradicting his earlier claims of having no exposure to the asset.
Kennedy is not the only presidential candidate making promises related to cryptocurrencies.
On July 14, Republican presidential candidate and Florida Governor Ron DeSantis vowed to ban central bank digital currencies if elected as president, asserting that such currencies would have no place in the United States under his leadership.
As the race for the presidency continues, it remains to be seen how these crypto-based promises and proposals will shape the future of the American economy and financial landscape.
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