United States presidential candidate Robert F. Kennedy Jr. has announced plans to stabilize and back up the U.S. dollar with Bitcoin (BTC) once he is elected as president. While speaking at the Heal-the-Divide PAC event which was held on Wednesday, July 19th, the Democrat highlighted the need for backing up the dollar with “hard currency”.
R.F Kennedy to Revitalize Dollar Dominance
He explained that these hard currencies including gold, silver, platinum, or BTC have the capacity to restore strength, curb inflation and ultimately re-stabilize the nation’s economy.
Kennedy’s effort is geared towards protecting the dollar from the snags of unbacked fiat currency and renewing faith in the U.S. dollar which is fast losing its dominance with the government of many nations fighting to issue their fiat-pegged Central Bank Digital Currencies (CBDCs).
“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,” Kennedy said.
No Capital Gain Taxes On BTC Conversion to Dollar
Additionally, the Democratic presidential candidate has promised to exempt Bitcoin conversion to U.S. dollars from capital gain taxes. This is to facilitate investments, encourage innovation, protect citizens’ privacy and encourage ventures to situate their businesses in the United States instead of other crypto-friendly nations like Switzerland and Singapore.
Kennedy believes that non-taxable situations like the one he is currently proposing will make it tough for the government to control and manipulate currency to also suppress free speech. Therefore, he is keen on mitigating or avoiding government control over currencies.
Bitcoin Offers Escape Route From Multiple Collapses
Apart from being an advocate for free speech and an equitable nation, Kennedy is a core proponent of Bitcoin.
While reiterating his stance against the FedNow CBDC, he confidently assessed that the Bitcoin token potentially offers an escape route for the bubble of several collapses. In the presidential aspirant’s opinion, the government would end up seizing and outlawing cryptocurrency with such a CBDC.
While his plans are still in the works, Kennedy explained that the execution process would be gradual. Depending on the success, he would adjust the backing of the dollar, probably starting with “1% of issued T-bills…… backed by hard currency, by gold, silver, platinum or Bitcoin.”