Robert F. Kennedy Jr. Pledges to Support US Dollar with Bitcoin as President

Robert F. Kennedy Jr., a Democratic presidential candidate, has announced his intention to progressively back the United States dollar with Bitcoin if he secures the presidency. Speaking at an event organized by Heal-the-Divide PAC on July 19, Kennedy proposed the idea of supporting the U.S. dollar with “hard currency” such as gold, silver, platinum, or Bitcoin, in an effort to restore stability to the American economy.

Kennedy believes that backing the dollar with hard assets could help curb inflation, strengthen the dollar, and bring about a new era of financial stability and prosperity for the nation. He outlined a gradual process, starting with a small percentage of Treasury bills backed by hard assets, and adjusting the backing ratio based on the success of the plan.

In addition to his backing proposal, Kennedy declared that conversions between Bitcoin and the U.S. dollar would be exempt from capital gains taxes. This exemption, in his opinion, would encourage investment and incentivize businesses to grow within the United States rather than in crypto-friendly jurisdictions like Singapore or Switzerland.

Kennedy’s recent statements in support of Bitcoin follow his appearance at the Bitcoin 2023 conference in Miami on May 19, where he announced his acceptance of political campaign donations in Bitcoin. Investment disclosures on July 9 revealed that Kennedy holds up to $250,000 worth of Bitcoin, despite his earlier denial of having any exposure to the cryptocurrency.

Kennedy is among several presidential hopefuls making significant promises related to cryptocurrencies. On July 14, Republican presidential candidate and Florida Governor Ron DeSantis pledged to ban central bank digital currencies if elected president, stating firmly that such currencies would have no place in the country under his leadership.

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