Robert F. Kennedy Jr. (RFK Jr.), the Democratic presidential candidate, has pledged to progressively support the United States dollar with Bitcoin if elected president.
Kennedy stated on July 19 at a Heal-the-Divide PAC event that underpinning the U.S. dollar with “hard currency,” such as gold, silver, platinum, or Bitcoin, could help to stabilize the American economy.
“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 explained that the process would be incremental, adjusting the dollar’s backing based on the plan’s success.
“I plan to start very small; perhaps 1% of issued T-bills would be backed by hard currency, such as gold, silver, platinum, or Bitcoin,” he said.
In addition, Kennedy announced he would exempt Bitcoin-to-U.S. dollar conversions from capital gains taxes.
He said the proposed exemption would encourage ventures to expand their businesses in the United States rather than in crypto-friendly jurisdictions such as Singapore or Switzerland.
Kennedy’s latest pro-Bitcoin remarks follow his announcement at the Bitcoin 2023 conference in Miami on May 19 that he would accept political campaign contributions in Bitcoin.
July 9 investment disclosures revealed that Kennedy possessed up to $250,000 worth of Bitcoin, contrary to his previous denials.
RFK Jr. is one of many presidential candidates who have made expansive crypto-based pledges. Governor of Florida and Republican presidential candidate Ron DeSantis vowed on July 14 to prohibit central bank digital currencies if elected president.
“If I were president, we would eliminate central bank digital currency on day one.” Done. Dead. “Not in the United States,” DeSantis stated.
