US Dollar Backed by Bitcoin, No Taxes on BTC Profits: US Presidential Candidate Robert F. Kennedy Jr’s bold promises

Key Takeaways:

• US Presidential Candidate Robert F. Kennedy Jr wants to back US Dollar with Bitcoin
• He promises to exempt BTC profits from capital gains taxes
• The Democratic Presidential hopeful argued that BTC is not a security

YEREVAN (CoinChapter.com) — Democratic Presidential Hopeful Robert F. Kennedy Jr. has made a new exciting announcement for the crypto community. At the Heal-the-Divide PAC event on July 18, the environmentalist made a bold political pitch, revealing his plans to back the US dollar with Bitcoin (BTC). Moreover, he promised to exempt investors from capital gains taxes on Bitcoin-USD conversions if elected as US President in 2024.

His rather bold plan has generated significant interest within the financial and crypto communities.

“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…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,” 

he announced. 

The Democratic candidate has long been a vocal advocate for BTC and blockchain technology. At the Bitcoin 2023 Conference in May, Kennedy Jr. emphasized his commitment to “defend the right of self-custody of Bitcoin”. 

Last month, Twitter Co-Founder Jack Dorsey endorsed Kennedy’s candidacy. The endorsement comes because of his pro-crypto stance and his support of decentralized digital currencies. 

During the Heal-the-Divide PAC, Kennedy also strongly advocated for individuals to have the freedom to run a node at home.

Fiat currencies are bad for the environment

As a long-time environment attorney, Kennedy voiced his support for industry-neutral regulation of energy.

“My administration’s mission is making America the global hub of cryptocurrency, particularly Bitcoin, as a means of incentivizing greater investment in green and renewable energy production and attracting engineering, investment and innovation to our country,” 

he added.

He further emphasized that his commitment to Bitcoin is deeply rooted in the ideals of his uncle, former US President John F. Kennedy’s, vision for governing a fair and prosperous nation.

He drew parallels between his uncle’s understanding of the significance of hard currency and the risks associated with relying solely on fiat currency without any alternative. 

According to him, President Kennedy recognized the correlation between fiat currency and its role in funding wars. Moreover, the former US President acknowledged Fiat’s involvement in environmentally harmful projects. The concentration of wealth, in his view, leads to vast disparities in society, as visible in every fiat currency system.

“Fiat currency was invented to fund wars. I like base currencies because they make it more difficult, you have to go to the public. You can’t just print money to fund the war and tax the public through the hidden tax of inflation,” 

he said. 

Bitcoin (BTC) is not a security, Kennedy argues 

In his latest speech supporting digital assets, Kennedy Jr. emphasized that Bitcoin should not be considered a security and should not be subject to government regulations. 

He argued that governments worldwide should recognize that Bitcoin is fundamentally different from traditional securities.

“I will clarify some kind of sensible jurisdiction and Governance that recognize that Bitcoin is not a security and should not be regulated as one,” 

he promised. 

Additionally, he expressed his dedication to discontinuing the Biden administration’s policies, particularly Choke Point 2.0, which aims to penalize banks engaged in Bitcoin-related transactions.

Earlier this month, reports emerged that Kennedy owns over $250,000 worth of BTC. It seems he has put his money where his mouth is.