Democratic presidential candidate Robert F. Kennedy Jr. has revealed his ambitious plan to back the US dollar with Bitcoin if elected.
Speaking at a Heal-the-Divide PAC event on July 19, 2023, Kennedy expressed his belief that supporting the American economy with “hard currency” assets such as gold, silver, platinum, or Bitcoin could bring stability to the US dollar.
Kennedy argued that backing US dollars and debt obligations with tangible assets could help the dollar regain strength, control inflation, and usher in an era of stability, peace, and prosperity.
Kennedy emphasized that his approach would be implemented gradually, with adjustments made based on the strategy’s effectiveness. He proposed a conservative approach, suggesting that only a small percentage of printed T-bills (about 1%) will be backed by physical assets like gold, silver, platinum, or Bitcoin.
In addition to his plans with Bitcoin and the US dollar, Kennedy also announced his intention to exempt Bitcoin-to-US dollar exchanges from capital gains taxes. He justified this exemption as a means to incentivize investment and encourage companies to expand their operations within the United States rather than seeking more crypto-friendly nations like Singapore or Switzerland.
Kennedy has long been a vocal supporter of cryptocurrencies, particularly Bitcoin. This recent revelation of his bold economic plans involving Bitcoin comes on the heels of his participation in the Bitcoin 2023 conference in Miami on May 19, 2023, during which he declared his acceptance of Bitcoin contributions for his political campaigns.
Kennedy has been a strong advocate for cryptocurrencies, especially Bitcoin. This revelation of his bold economic plans with Bitcoin follows his participation in Miami’s Bitcoin 2023 conference on May 19, 2023, where he announced that he would accept Bitcoin contributions for his political campaigns. Financial disclosures have since revealed that Kennedy already possesses Bitcoin holdings valued at up to $250,000 as of July 9, 2023.
Meanwhile, Republican presidential candidate and Florida Governor Ron DeSantis has also made significant crypto-related commitments. DeSantis stated his opposition to central bank digital currencies (CBDCs); he vowed to stop their introduction if he became the president.
While both Kennedy and DeSantis have made strong statements on cryptocurrencies, their positions on these digital assets are expected to shape the discourse around the future of the US economy and its relationship with Bitcoin and other cryptocurrencies in the months leading up to the presidential election.
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