Speaking at a Heal-the-Divide PAC occasion, Democratic Presidential Candidate Robert F. Kennedy Jr. laid out particular Bitcoin-focused policies that he would enact as president, consisting of slowly backing the U.S. dollar with bitcoin and making bitcoin revenues exempt from capital gains taxes.
“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,” Kennedy stated, explaining his vision for going back to a tough currency requirement in the U.S.
He included that, depending upon the result of that preliminary action, he would increase that allotment each year.
This possible policy reimagines the monetary system, indicating a future where bitcoin’s outright shortage and sound financial concepts enhance the U.S. dollar’s wearing down position as the world reserve currency.
“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,” he stated.
In addition, Kennedy revealed his administration “will exempt the conversion of bitcoin to the U.S. dollar from capital gains taxes.”
“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,” he added. “Non-taxable events are unreportable and that means it will be more difficult for governments to weaponize currency against free speech, which as many of you know, is one of my principal objectives.”
During his statement, Kennedy repeated the multitude of dedications he made to cultivate Bitcoin adoption throughout a speech at the Bitcoin 2023 conference in May, that included “protecting the right of self custody of bitcoin,” supporting “the right to run a node at home” and protecting “industry-neutral regulation of energy.”
Kennedy framed his dedications to Bitcoin as essential to the perfects of his uncle, President John F. Kennedy, and his own vision for governing a complimentary and fair nation.
“My uncle, President Kennedy, when he was in office, understood the importance of hard currency and the dangers of having pure fiat currency with no other option,” Kennedy stated. “He understood the relationship between fiat currency and war, fiat currency and … very, very destructive environmental projects and also these giant aggregations of wealth and the unbalance, the disparities in wealth that are the ultimate yield of every fiat currency.”
Reflecting on the history of fiat currencies, Kennedy didn’t mince words, mentioning the regular usage of unbacked paper currency to money wars without the requirement for particular federal government tax or people’ approval.
“Fiat currency was developed to money wars,” he stated. “I like base currencies because they make it more difficult, you have to go to the public. You can’t just print money to fund the war and tax the public through the hidden tax of inflation. You actually have to go to the public and say, ‘Here’s what this war is going to cost.’”
He highlighted his regulative outlook that “bitcoin is not a security and should not be regulated as one” and his dedication to “put an end to the current policies of the Biden administration that are invited by Choke Point 2.0 to punish banks that are dealing with bitcoin.”
Reflecting on the more comprehensive ramifications of these policies, Kennedy mentioned the monetary situations that presently deal with the United States. A consistent development rate of 6.5% in nationwide financial obligation over the previous years makes the case for positive and extensive financial techniques from the greatest workplace. Against this background, Kennedy’s proposition for the U.S. Treasury to get possessions such as bitcoin and rare-earth elements is a technique that’s suggested to provide an insurance coverage versus the nation’s installing financial obligation.
Kennedy’s unfaltering conviction in Bitcoin indicates a coming political paradigm shift, where bitcoin is seen not simply as a possession, however as a sensible policy tool to make sure the country’s financial durability and a chance to bring in intellectual capital to U.S. coasts.
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