During a Heal-the-Divide PAC event, Robert F. Kennedy Jr., a Democratic Presidential Candidate, discussed his proposed policies related to Bitcoin. He suggested gradually supporting the U.S. dollar with Bitcoin and exempting Bitcoin profits from capital gains taxes if he were to become president.
“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,” Kennedy said, describing his vision for returning to a hard currency standard in the U.S.
A new policy for the future
He stated that if the first step was successful, he would increase the allocation annually. This new policy envisions a future financial system where Bitcoin’s limited supply and strong monetary principles strengthen the U.S. dollar, which is losing its position as the world’s reserve currency.
He believes that supporting the dollar and U.S. debt with tangible assets can help revive the dollar’s strength, control inflation, and usher in a new era of American financial stability, peace, and prosperity.
Furthermore, Kennedy’s administration will not impose capital gains taxes on the conversion of Bitcoin to the U.S. dollar.
This move is expected to promote innovation, encourage investment, protect citizen privacy, and stimulate business growth and technological employment in the United States, rather than in countries like Singapore, Switzerland, Germany, and Portugal.
He added that non-taxable events are not required to be reported, making it more challenging for governments to use currency as a weapon against free speech, which is one of his top priorities.
In his recent announcement, Kennedy restated the promises he made to promote the use of Bitcoin during his speech at the Bitcoin 2023 conference in May.
These commitments include protecting the right of individuals to hold Bitcoin themselves, supporting the right to operate Bitcoin nodes from home, and advocating for unbiased regulation of energy within the industry.
Kennedy sees these commitments as important to the principles of his uncle, former President John F. Kennedy, and his own goals of governing a fair and just nation.
“My uncle, President Kennedy, when he was in office, understood the importance of hard currency and the dangers of having pure fiat currency with no other option,” Kennedy said.
“He understood the relationship between fiat currency and war, fiat currency and … very, very destructive environmental projects and also these giant aggregations of wealth and the unbalance, the disparities in wealth that are the ultimate yield of every fiat currency.”
Stay tuned for more details about the matter.
