- Kennedy thinks backing the USD with Bitcoin or precious metals can improve the US economy
- He would also exempt Bitcoin to USD exchange from capital gains tax
Robert F. Kennedy Jr., one of the Democratic candidates for US President, promised to provide backing for the US dollar with Bitcoin on a progressive basis if he is elected, Cointelegraph reported.
During a speech at a Heal-the-Divide PAC event, Kennedy said backing the US dollar with assets like Bitcoin or precious metals could help improve the US economy. He considers these “hard” assets. According to him, backing US debt obligations and dollars with those can make the dollar stronger, help keep inflation in check, and bring a new era of peace and financial prosperity to the US.
Starting small
Kennedy clarified that it would be a gradual process. He would change the amount of backing depending on the plan’s outcome. He said:
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.
Bitcoin will be exempt from capital gains tax
The Democratic candidate also said he would exempt Bitcoin to USD exchange from capital gains tax. He believes this act would encourage investment and incentivize businesses to launch in the US. Crypto companies are fleeing the land of the free in droves due to crypto-unfriendly regulation, taking their endeavors to friendlier jurisdictions, like Switzerland or Singapore.
A slew of pro-crypto presidential candidates
At Miami’s Bitcoin 2023 conference in May, Kennedy said he would accept political campaign donations in Bitcoin. Earlier this month, it emerged he owned Bitcoin worth up to $250,000 despite insisting he had no exposure to the flagship crypto.
Anti-CBDC
RFK Jr. is pro-crypto, but he has spoken out against Central Bank Digital Currencies (CBDCs) on grounds that they’d give the government too much control over people’s finances. He is not alone in his stance. Republican presidential candidate and Florida Governor Ron DeSantis recently promised to ban CBDCs if he was elected president, a departure from previous pro-CBDC statements.
