Pro-Bitcoin Presidential Candidate Robert F. Kennedy Jr. has, at different times, jumped to the defense of the flagship cryptocurrency, BTC. This time, he promises to protect it if elected as President during the Presidential elections next year.

What Kennedy Wants To Do For Bitcoin

In an interview, the Presidential Candidate mentioned that he intends to end the “current White House war on Bitcoin.” This statement is in reference to the anti-crypto stance that the government seems to have taken against Bitcoin and other crypto tokens. 

It is believed that, instead of implementing policies to promote cryptocurrencies, the government has clamped down on the industry and its stakeholders. However, Kennedy plans to change that as he mentioned that he will ensure that people can keep their wallets (self-custody) and that transactions are protected, which could foster the use of Bitcoin and other crypto tokens.

Interestingly, Kennedy not only happens to be a Bitcoin proponent but is also heavily invested in the token, as he has up to $250,000 in BTC holdings. He is also ensuring that others get in on the foremost cryptocurrency, as he mentioned in July that he had bought two BTC each for his seven children. 

Meanwhile, aside from ending the White House war on Bitcoin, the Presidential Candidate wants Bitcoin (and possibly other cryptocurrencies) to be treated as a currency rather than a commodity. That way, Bitcoin isn’t subjected to capital gains. This is because cryptocurrencies are majorly considered property or investment, and owners are usually expected to pay tax on gains from a sale. 

This isn’t the first time Kennedy has made such an assertion. In July, he mentioned that he planned to back the US dollar with BTC and make the conversion of BTC to the US dollar free from capital gains taxes under his administration.

Crypto And Politics

Cryptocurrencies have taken center stage ahead of the upcoming Presidential election next year. Noteworthy is the fact that Kennedy isn’t the only candidate who has mentioned plans to stop the “war” on Bitcoin. 

Republican Presidential Candidate Ron DeSantis has also vowed to protect people’s right to own cryptocurrencies and end “Biden’s war on Bitcoin” if elected. He suggested that the current administration wasn’t so welcoming to cryptocurrencies because it poses a “threat” to them due to its decentralized nature. 

While these candidates continue to cozy up to the rising pro-crypto US voters, many are wary that they may simply be trying to do everything possible to get this particular group of voters in their corner and may not have plans to implement any crypto-friendly policies. 

However, a former SEC attorney has alluded to the fact that crypto regulation in the country may indeed be political and that there is a higher chance of enjoying a crypto-friendly regulatory atmosphere if a Republican candidate gets elected next year. 

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Filed under: Bitcoin - @ October 5, 2023 7:21 am