In an event organized by the Heal-the-Divide PAC, Democratic Presidential Candidate Robert F. Kennedy Jr. revealed his ambitious Bitcoin-oriented policies that, if implemented, could transform the financial landscape of America. With a vision to restore a solid currency foundation and promote financial stability, Kennedy’s proposal includes the gradual backing of the U.S. dollar with Bitcoin and precious metals, while also eliminating capital gains taxes on Bitcoin earnings.
RFK’s Revolutionary Plans For Bitcoin
Kennedy’s plan seeks to introduce a gradual transition towards backing a portion of the U.S. debt obligations with hard assets, including gold, silver, platinum, and Bitcoin. In his own words, “Bitcoin is part of the basket of hard currencies that the Kennedy administration is going to encourage.” He added:
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. Depending on the outcome, we will increase this. What this will do is, it will ironically […] help safe the US dollar.
This groundbreaking proposal could potentially rejuvenate the strength of the dollar, control inflation, and usher in a new era of prosperity for the nation. For this, the presidential candidate firmly believes that making the conversion of BTC to the U.S. dollar free from capital gains taxes under his administration would have large benefits.
Notably, it could stimulate innovation and investment, protect citizen privacy, and encourage businesses to flourish within the United States instead of seeking opportunities abroad. “The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany and Portugal.”
Kennedy Jr further emphasized, “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.”
Drawing inspiration from his legendary uncle, President John F. Kennedy, RFK Jr. underlined his commitment to govern a free and equitable nation. Reflecting on the history of fiat currencies, he denounced their frequent use to finance wars without transparent taxation or public approval.
In contrast, he praised base currencies like Bitcoin for their potential to restrain such practices, stating, “Fiat currency was invented to fund wars, I like 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. You actually have to go to the public and say, ‘Here’s what this war is going to cost.’”
Moreover, Kennedy firmly opposed the classification of Bitcoin as a security and vowed to end Operation Choke Point 2.0 and to terminate policies penalizing banks involved with Bitcoin that were implemented during the Biden administration. This approach aligns with his goal to promote the freedom of individuals to self-custody their BTC and support the right to operate a personal node, as RFK Jr already stated during this year’s Bitcoin Conference. Additionally, he advocated for industry-neutral energy regulation to ensure a balanced and sustainable ecosystem.
RFK Jr. Announces Bold Plan to Back ~1% of T-Bills With Bitcoin, End Bitcoin Taxes pic.twitter.com/pBZcrjxXoj
— Joe Consorti ⚡ (@JoeConsorti) July 19, 2023
At press time, the BTC price stood at $30,130.
Featured image from LinkedIn, chart from TradingView.com