American Presidential candidate Robert F. Kennedy Jr. has come up with a bold plan to use Bitcoin to back U.S. dollars. Kennedy also wants to make Bitcoin profits exempt from capital gains taxes.
Speaking at a PAC event on July 18, the Democratic Presidential Candidate outlined specific Bitcoin-focused policies that he would enact as president.
Bitcoin Backed Dollars
RFK Jr. described his vision for returning to a hard currency standard in the US, stating:
“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,”
According to reports, the presidential candidate said he would increase allocation depending on the outcome of the initial step.
Kennedy Jr. said that fiat currency “was invented to fund wars,” preferring base currencies “because they make it more difficult.”
“You can’t just print money to fund the war and tax the public through the hidden tax of inflation,” he added.
According to the Watson Institute, the estimate of U.S. post-9/11 war spending between 2001 and 2022 is $8 trillion.
RFK Jr. cited several advantages to backing dollars with hard assets:
“Backing dollars and US 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,”
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He added that benefits include facilitating innovation, spurring investments, and ensuring citizen privacy. Additionally, he said it could incentivize ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany, and Portugal.
RFK Junior’s uncle, former President John F. Kennedy, understood the importance of hard currency and the dangers of having pure fiat currency with no other option,
“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.”
Pro-Crypto Presidential Candidate
RFK Jr., who accepts BTC campaign donations, pledged an “inviolable right” to hold and use Bitcoin. The comments came as he kicked off his campaign at a Bitcoin conference in Miami in May.
In June, Twitter co-founder Jack Dorsey officially backed RFK Jr., Tweeting his support for the Democrat.
In a recent financial disclosure filed on June 30, Kennedy revealed that his family had invested between $100,001 and $250,000 in BTC.
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