In a surprising announcement, Democratic presidential candidate Robert F. Kennedy Jr. has revealed his plan to gradually back the United States Dollar with Bitcoin in the event of his successful presidential election.
Kennedy made this promise during his campaign, emphasizing the potential benefits of supporting the national currency with “hard currency” like gold, silver, platinum, or Bitcoin to restore stability to the American economy. He shared this proposal during a Head-the-Divide PAC event on July 19.
Kennedy expressed his belief that “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 his approach, highlighting its gradual implementation and the possibility of adjusting the level of dollar backing based on its effectiveness.
He proposed starting with a small-scale plan, potentially backing 1% of issued T-bills with tangible assets such as gold, silver, platinum, or Bitcoin.
In addition, Kennedy suggested an important exemption for Bitcoin-to-dollar conversations, exempting them from capital gains taxes.
He believed that this exemption would encourage investment and motivate businesses to expand within the United States instead of seeking crypto-friendly jurisdictions elsewhere.
Kennedy’s recent pro-Bitcoin statement followed his participation in the Bitcoin 2023 conference in Miami on May 19, where he announced his acceptance of political campaign donations in Bitcoin.
However, recent investment disclosures on July 9 revealed that Kennedy held up to $250,000 worth of Bitcoin, contradicting his previous statements where he denied having any exposure to the asset.
Also Read: Robert F. Kennedy Jr. to Accept Presidential Campaign Donations in Bitcoin
