Bitcoin
US Dollar Backed by Bitcoin: Robert F. Kennedy Jr’s Bold Plan
Presidential Candidate Robert F. Kennedy Jr. has announced plans to back the U.S. dollar with Bitcoin and exempt Bitcoin from capital gains taxes.
Kennedy’s innovative plan is simple: “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.” The success of this initial step will determine future increases in allocation.
A New Era of US financial stability, peace and prosperity.
Kennedy believes this policy could bolster the U.S. dollar and re-affirm its position as the world reserve currency. “Backing dollars and U.S. 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.”
A Kennedy administration plans to exempt Bitcoin from capital gains taxes:
“The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivising ventures to grow their business and tech jobs in the United States.”
Kennedy has been forthright about defending the right to own and self-custody Bitcoin, run a node at home, and he advocates for industry-neutral regulation of energy, which is critical to Bitcoin mining.
Fiat Currency Funds Wars
“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,” says Kennedy.
Kennedy’s proposal for the U.S. Treasury to acquire assets like Bitcoin and precious metals is a strategic move to insure against the country’s mounting debt at a time when global sovereign default risks are rising.
Kennedy sees Bitcoin as more than just an asset. It’s a prudent policy tool to ensure the nation’s fiscal longevity. It’s an opportunity to attract intellectual capital to U.S. shores.
RFK Jr Bitcoin Ownership and Campaign Donations
Investment disclosures revealed that Kennedy owned up to $250,000 worth of Bitcoin. He also announced that he would accept political campaign donations in Bitcoin.
Growing Political Support for Bitcoin
The 2024 Presidential race marks a significant change in US politics as Bitcoin is not only an issue on the agenda for the first time, but leading candidates have recognised the ever growing and fervent constituency supporting the right to own Bitcoin. As the political landscape around Bitcoin changes rapidly, Kennedy stands as a vocal figure embracing this change, but he is not alone. Leading Republican Presidential candidate Ron DeSantis is also an ardent supporter and has spoken strongly in support of citizens rights to hold Bitcoin.
Whatever their campaigns amount to in 2024, Bitcoin is now on the national agenda. BlackRock — the largest fund manager in the world — is embracing it, and we are fast approaching the tipping point of mainstream adoption. Bitcoin can no longer be ignored.