RFK Jr.’s Bitcoin Proposal
Democratic presidential candidate Robert F. Kennedy Jr. has promised to progressively back the United States dollar with Bitcoin if he is elected president.
Backing U.S. Dollar with “Hard Currency”
Speaking at a July 19 Heal-the-Divide PAC event, Kennedy claimed that backing the U.S. dollar with what he called “hard currency,” including gold, silver, platinum or Bitcoin, could help to re-stabilize the American economy.
A Gradual Process to Economic Stability
Kennedy explained the process would be gradual and that, depending on the plan’s success, he’d adjust the amount of backing for the dollar.
Tax Exemption on Bitcoin Profits
Additionally, Kennedy declared he would make Bitcoin to U.S. dollar conversions exempt from capital gains taxes. In his view, the proposed exemption would spur investment and incentivize ventures to grow their business in the U.S.
RFK Jr.’s Prior Engagement with Bitcoin
Kennedy’s latest round of pro-Bitcoin comments come in the wake of his appearance at Miami’s Bitcoin 2023 conference where he announced that he would accept political campaign donations in Bitcoin.
Revelations about RFK Jr.’s Bitcoin Holdings
On July 9, investment disclosures found that Kennedy owned up to $250,000 worth of Bitcoin, despite his previous statements where he denied having any exposure to the asset.
Bitcoin Policies: A Common Theme Among Presidential Candidates
RFK Jr. is one of many presidential hopefuls to make sweeping crypto-based promises. On July 14, Republican presidential candidate and Florida Governor Ron DeSantis promised to ban central bank digital currencies if elected president.
Conclusion: The Crypto-Focused Political Arena
As the 2024 U.S. presidential race intensifies, crypto-related promises have started to echo in political speeches, suggesting a significant shift in the potential role of digital currencies in America’s economic future.
Robert F. Kennedy Jr.’s Bitcoin-based strategy suggests an innovative approach towards financial stability, economic growth, and a potential shift in the global financial order. His proposals to back the U.S. dollar with Bitcoin and to offer capital gains tax exemptions for Bitcoin profits underscore his belief in the digital asset’s potential.
While this could be viewed as a groundbreaking economic plan, it also triggers crucial debates about the feasibility and potential implications of such a proposal. On the other side of the aisle, Florida Governor Ron DeSantis’s stand against central bank digital currencies adds another layer of complexity to the evolving conversation around cryptocurrencies.
As the election approaches, it’s evident that the role of Bitcoin and other cryptocurrencies in the U.S economy will be a key discussion point, promising an interesting road ahead for policymakers, investors, and the American public.
