Democratic Aspirant Robert F. Kennedy Jr Promises to Back Dollar with Bitcoin if Elected President

Robert F. Kennedy Jr. introduced he would again the US greenback with Bitcoin (BTC) if he wins the following election and turns into the president of the USA. The Democratic candidate spoke at Wednesday’s Heal-the-Divide PAC occasion, expressing his opinion on balancing the American financial system.

Kennedy believes “laborious belongings”, together with Bitcoin, would assist. The presidential aspirant says the plan could be to start out slowly, backing 1% of all issued Treasury payments utilizing Bitcoin, platinum, silver, or gold.

“Backing {dollars} and US debt obligations with laborious belongings might assist restore energy again to the greenback, rein in inflation and usher in a brand new period of American monetary stability, peace and prosperity.”

As a part of his plans for Bitcoin when he turns into president, Kennedy additionally stated he would create tax exemptions for Bitcoin. The aspirant stated all Bitcoin conversions to the US greenback wouldn’t be liable to capital beneficial properties taxes. He believes doing this could encourage traders to maintain their investments and associated companies within the US as an alternative of transferring them to crypto-friendly nations like Switzerland.

Kennedy Accepts Bitcoin

Robert Kennedy’s declaration of official help for Bitcoin and associated tax exemptions ties into his earlier feedback about his marketing campaign. On the Bitcoin 2023 convention in Miami, the presidential candidate introduced to attendees that he’s open to receiving Bitcoin donations.

Kennedy spoke on the convention, saying that Bitcoin has a particular hyperlink to democracy and freedom, and touted the king coin’s energy, sturdiness, and suppleness. The candidate doubtless attended the convention to attraction to the crypto neighborhood and is now asserting pro-Bitcoin laws to tug the neighborhood nearer.

In a Twitter thread posted on Might 3, Kennedy criticized the US authorities for its anti-crypto place. In keeping with Kennedy, as a result of Bitcoin and digital belongings are a “main innovation engine”, the federal government’s place will “hobble the trade and drive innovation elsewhere”.

Kennedy Tackles Anti-Crypto Stance

Moreover, Kennedy particularly tackled the sooner proposed 30% tax on crypto mining, which was later suspended. Though Kennedy admits that Bitcoin mining presents power issues, he believes the power use is perhaps “considerably overstated”. The presidential candidate additionally added that it’s unfair to stifle the crypto sector over power use as a result of “bitcoin mining makes use of about the identical as video video games”. He believes the true motive for going after crypto is as a result of it “threatens elite energy constructions”.

Along with power issues, Kennedy defended Bitcoin and cryptocurrencies in opposition to arguments about felony use. Whereas conceding that criminals might use crypto to defend illicit transactions, he argued that strange residents and dissidents additionally need privateness. Crypto makes it tough for the federal government to punish dissidents by freezing their financial institution accounts and different cost platforms.

In a Might interview, Kennedy additionally criticized the USA Securities and Trade Fee (SEC) for going after the crypto trade. He stated the SEC now protects banks and now not serves its unique function of safeguarding People. He then added that the SEC ought to solely encompass impartial and pro-crypto individuals, and shouldn’t have anti-crypto officers as members.

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Tolu is a cryptocurrency and blockchain fanatic based mostly in Lagos. He likes to demystify crypto tales to the naked fundamentals in order that anybody wherever can perceive with out an excessive amount of background data.
When he isn’t neck-deep in crypto tales, Tolu enjoys music, likes to sing and is an avid film lover.