Robert F. Kennedy Jr. proposes using Bitcoin to stabilize the U.S. dollar and seeks to make Bitcoin profits tax-exempt from capital gains.
Democratic presidential candidate Robert F. Kennedy Jr. pledged to progressively support the U.S. dollar with “hard currency” like gold, silver, platinum, or Bitcoin if elected. He believes this measure could aid in re-stabilizing the American economy, as stated during a Heal-the-Divide PAC event on July 19.
Kennedy proposed a gradual approach, intending to begin with a small backing of the U.S. dollar. He suggested that initially, approximately 1% of issued T-bills could be supported by hard assets such as gold, silver, platinum, or Bitcoin. Depending on the plan’s success, he would consider adjusting the backing percentage for the dollar.
Kennedy also asserted that he would exempt Bitcoin to U.S. dollar conversions from capital gains taxes.
According to Kennedy, the proposed exemption would encourage investment and provide incentives for businesses to expand within the U.S., rather than opting for crypto-friendly jurisdictions like Singapore or Switzerland.
Following his appearance at Miami’s Bitcoin 2023 conference on May 19, Kennedy made additional pro-Bitcoin statements. He announced his willingness to accept political campaign donations in Bitcoin.
Investment disclosures on July 9 revealed that Kennedy possessed up to $250,000 worth of Bitcoin, contradicting his earlier statements where he denied having any exposure to the asset.
RFK Jr. is among several presidential hopefuls who have made significant crypto-based pledges. On July 14, Republican presidential candidate and Florida Governor Ron DeSantis committed to banning central bank digital currencies if he becomes president.
DeSantis firmly stated that if he becomes president, he will immediately put an end to central bank digital currency, stating, “Not happening in this country. Done. Dead.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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