Robert F. Kennedy Jr. Reveals Plan to Back Dollar Using Bitcoin
At an event organized by the Heal-the-Divide PAC, Democratic Presidential Candidate, Robert F. Kennedy Jr., shared his Bitcoin-oriented policies that he would implement as president, including a plan to gradually back the U.S. dollar with Bitcoin and remove capital gains taxes from Bitcoin earnings.
Kennedy's proposal includes a return to a solid currency foundation in America. He stated, “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.” Depending on the initial stage's outcome, he suggested increasing this allocation gradually.
By backing the dollar and U.S. debt obligations with hard assets, Kennedy believes that it could rejuvenate the strength of the dollar, control inflation, and initiate a new period of financial stability and prosperity for America.
Kennedy added that his intention is to make the conversion of Bitcoin to the U.S. dollar free from capital gains taxes under his administration.
He expanded on the benefits of this approach, emphasizing that it would boost innovation, encourage investment, protect citizen privacy, and stimulate businesses to expand within the U.S. rather than abroad.
He stated, “non-taxable events are unreportable and that means it will be more difficult for governments to weaponize currency against free speech, which as many of you know, is one of my principal objectives."
During his address, Kennedy also reiterated various commitments he had made at the Bitcoin 2023 conference, such as safeguarding the right to self custody of Bitcoin, supporting the right to operate a personal node, and advocating for industry-neutral energy regulation.
Linking his Bitcoin commitments to the ideals of his uncle, President John F. Kennedy, he reiterated his goal to govern a free and equitable nation.
Reflecting on the history of fiat currencies, Kennedy denounced its frequent use to bankroll wars without clear governmental taxation or public approval.
Kennedy emphasized that Bitcoin is not a security and should not be regulated as one, showing his resolve to terminate policies of the Biden administration that penalize banks involved with Bitcoin.