Kennedy proposes backing US debt with Bitcoin for financial stability.

He supports exempting Bitcoin-to-USD conversions from capital gains taxes.

US Presidential candidate Robert F. Kennedy Jr. has recently gained attention with his bold Bitcoin-focused policies. Speaking at a Heal-the-Divide PAC event, he stated, “Backing dollars and US debt obligations with hard assets like bitcoin could help… and prosperity.”

Kennedy emphasized the potential benefits of his proposal, including restoring strength to the US dollar, reining in inflation, and ushering in a new era of American financial stability. He added, “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.”

What Lies Behind RFK’S Vision of Backing Bitcoin With the US Dollar?

Highlighting the importance of citizen privacy and incentivizing growth in the USA, Kennedy. announced that his administration would exempt the conversion of Bitcoin to the US dollar from capital gains taxes. He explained, “Non-taxable events are unreportable, and that means it will be more difficult for governments to weaponize currency against free speech.”

Meanwhile, he also stated that he drew inspiration from his uncle, President John F. Kennedy, stating, “He understood the relationship between fiat currency and war, fiat currency and… disparities in wealth.” And expressed his preference for base currencies that require public scrutiny and prevent the unchecked funding of wars through inflation.

In addition, Kennedy’s proposal to gradually back the US dollar reflected his concerns about the nation’s mounting debt. He believes that with his vision, he could truly turn America into the global hub for cryptocurrencies.

Kennedy’s Bitcoin Support, Trustable?

Reiterating his commitments from the Bitcoin 2023 conference, Kennedy emphasized that Bitcoin should not be regulated as a security. Then he vowed to put an end to the current administration’s policies associated with Choke Point 2.0. It punishes banks dealing with Bitcoin.

Also, RFK’s recent statement of “Backing Bitcoin with the US Dollar” raises doubts about an untrustworthy situation, considering the US government officials‘ history with crypto. And the controversy surrounding his previous denial of being a Bitcoin investor.

Meanwhile, Bitcoin-focused policies also signal a potential shift in political attitudes toward cryptocurrency. Post-elections will unveil the truth.

Furthermore, there is not much impact on the BTC as it is down at 0.02% with a price of $30,058.

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Filed under: Bitcoin - @ July 19, 2023 9:08 am