US Presidential Candidate Robert Kennedy Jr Unveils Plan to Back US Dollar With Bitcoin – During a recent speech at a Heal-the-Divide event, U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) outlined two significant reforms for bitcoin, should he win the presidential election. His proposals include supporting the U.S. dollar with the cryptocurrency and removing capital gains taxes on converting bitcoin to USD.
Emphasizing his goal of establishing America as the global center for cryptocurrency, especially bitcoin, Kennedy expressed his administration’s commitment to this mission. Notably, RFK Jr. is the son of the late U.S. Attorney General and Senator Robert F. Kennedy and the nephew of former U.S. President John F. Kennedy.
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The presidential hopeful began by outlining the reforms he previously promised regarding BTC, stating that his administration’s mission is to make America “the global hub of cryptocurrency, particularly bitcoin, as a means of incentivizing greater investment in green and renewable energy production, attracting engineering, investment, and innovation to our country.”
He also promised to “put an end to the current policies of the Biden administration that are invited by Chokepoint 2.0 to punish banks for dealing in bitcoin, and also to make strong barriers against the issuance of central bank digital currencies [CBDCs] .” “I want to talk today about two additional reforms that we’ve given a lot of thought to, and are going to be part of our package,” Kennedy said Tuesday.
One of the reforms is to back the U.S. dollar with BTC. He detailed: “The Kennedy administration will be backing the U.S. dollar with real, finite assets, such as gold, silver, platinum, and bitcoin, which is the world’s hardest liquid asset, to strengthen the U.S. dollar and guarantee its continued success as the world’s reserve currency.”
“This will include the U.S. Treasury bills, notes, and bonds. 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. And then, depending on the outcome, we would increase that annually,” he described. “What this will do is ironically, we will be able to use bitcoin to help save the U.S. dollar.”
On Tuesday, Kennedy disclosed another proposed bitcoin reform that focuses on addressing capital gains taxes incurred when converting the cryptocurrency into U.S. dollars. The pro-bitcoin presidential candidate, who recently revealed that he holds up to $250K in BTC, stated: “Like Singapore, Germany, Switzerland, Puerto Rico and Portugal, the Kennedy administration will exempt the conversion of bitcoin to U.S. dollars from capital gains taxes.”
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Kennedy explained that the benefits of this policy include “facilitating innovation and investment, ensuring citizen privacy, and incentivizing businesses to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany, and Portugal.”
Moreover, he explained that one of the factors in this decision is that “non-taxable events are unreportable,” emphasizing that “it will be more difficult for governments to weaponize currency against free speech, which, as many of you know, is one of my principle objectives, and other civil liberties.”