Speaking at the Heal-the-Divide PAC event, Democratic presidential candidate Robert F. Kennedy Jr. pledged to support the U.S. dollar with Bitcoin if he becomes president.
According to Kennedy, backing the U.S. dollar with “hard currency,” including gold, silver, platinum or Bitcoin, can help restore stability to the American economy.
“Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity,” said Kennedy.
Kennedy proposed a gradual implementation of this plan, starting with a small percentage of issued Treasury bills backed by these assets. Depending on the initiative’s success, he would adjust the level of backing for the dollar accordingly.
He also proposed exempting Bitcoin to U.S. dollar conversions from capital gains taxes, aiming to encourage investment and boost growth in the U.S. rather than in crypto-friendly jurisdictions abroad, such as Switzerland and Singapore.
According to Kennedy, if certain financial events remain tax-free and unreported, it will become more difficult for governments to exploit currency as a means to suppress free speech.
The presidential candidate linked his commitment to Bitcoin with the ideals of his uncle, former president John F. Kennedy, and his vision for governing a free and equitable nation. He criticized fiat currencies for their historical use in funding wars without transparent taxation or public consent.
“Fiat currency was invented to fund wars. I like base currencies because they make it more difficult,” he said.
“You can’t just print money to fund the war and tax the public through the hidden tax of inflation. You actually have to go to the public and say, ‘Here’s what this war is going to cost.’”
Kennedy said he opposed classifying Bitcoin as a security and vowed to end Operation Choke Point 2.0 — an effort by the Joe Biden administration to disconnect the crypto industry from the U.S. banking sector. He also pledged to terminate policies penalizing banks involved with Bitcoin.
Kennedy’s recent commitment to supporting Bitcoin came after his announcement during the Bitcoin 2023 conference in Miami last May. At the event, he declared his willingness to accept political campaign contributions in the form of Bitcoin.
Investment disclosures on July 9 revealed that Kennedy held up to $250,000 worth of Bitcoin, despite earlier denials of any exposure to the digital asset.
Biden, who has been re-elected as a Democratic presidential nominee, has expressed a different perspective on cryptocurrencies, criticizing what he perceives as “tax loopholes” related to crypto.
Several other presidential candidates have also made significant promises related to cryptocurrency. For instance, Republican presidential candidate and Florida Governor Ron DeSantis pledged to ban central bank digital currencies (CBDCs) if elected president.
In an interview with former Fox News anchor Tucker Carlson, DeSantis made it clear that his administration would actively oppose any attempts by the Federal Reserve to introduce a digital dollar.
According to DeSantis, the Fed plans to use this technology to promote an agenda against both physical cash and cryptocurrencies. If the program proceeds, the Central Bank Digital Currencies (CBDCs) will be the only accepted form of legal tender.
DeSantis raised concerns that the move could prohibit specific purchases deemed undesirable, such as fuel and ammunition.
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