Biden-Challenger Robert F. Kennedy Jr. Wants To Back Dollar With Bitcoin, Proposes Elimination Of Capital Gains Taxes On Apex Crypto

Democratic Presidential hopeful Robert Kennedy Jr. detailed his plan for returning to a hard currency standard using Bitcoin (CRYPTO: BTC) in the United States.

What Happened: In an interview with Bitcoin Magazine on Tuesday, Kennedy said, “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 described this as his vision for restoring strength and stability to the U.S. financial system.

Kennedy continued, expressing his intention to gradually increase the allocation of hard assets annually based on the outcome of the initial step. He believes that this approach could reinforce the U.S. dollar’s eroding position as the world reserve currency.

He stated, “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.”

Kennedy noted that his administration would exempt the conversion of bitcoin to the U.S. dollar from capital gains taxes. He emphasized the benefits of this exemption, stating, “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.”

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Why It Matters: During the interview, Kennedy reinforced his commitment to Bitcoin adoption, echoing prior statements made at the Bitcoin 2023 conference. He emphasized the importance of defending the right to self-custody of Bitcoin, the right to run a node at home and promoting industry-neutral regulation of energy.

Reflecting on the historical context of fiat currencies, Kennedy did not mince words, stating, “Fiat currency was invented to fund wars.” 

Kennedy also addressed his regulatory perspective, asserting that “Bitcoin is not a security and should not be regulated as one.” He vowed to halt the current policies of the Biden administration that punish banks handling Bitcoin through Choke Point 2.0.

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Photo Courtesy: In The Light Photography On Shutterstock.com

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