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Robert F. Kennedy Jr., a Democratic presidential candidate, unveiled a plan to partially back the dollar with Bitcoin and exempt BTC from capital gains taxes when converted to dollars.
Backing the dollar with ”real finite assets” including gold, silver, platinum and Bitcoin may help restore the dollar’s strength, curb inflation and ”usher in a new era of American financial stability,” Kennedy said at an event on Tuesday.
The shift would start very gradually with ”very, very small, perhaps 1% of issued T-bills” being backed by assets like the three commodities and Bitcoin, he said. Based on the outcome of this initial stage, he envisions progressively increasing the portion backed with such assets over time.
RFK Jr. on fiat currency & #bitcoin pic.twitter.com/J0GC4had9x
— Dylan LeClair 🟠 (@DylanLeClair_) July 19, 2023
He believes the moves would encourage innovation, protect privacy, and promote business growth domestically instead of in places like Singapore, Switzerland, Germany and Portugal.
Robert F. Kennedy Jr. and Bitcoin: Reshaping Economic Structures
Kennedy’s Bitcoin-focused policies have sparked discussions and debates among experts and enthusiasts. Supporters argue that connecting the U.S. dollar to Bitcoin has the potential to strengthen the economy, attract investments, and serve as an intelligent policy tool to promote long-term fiscal stability.
They view this as a chance for the US to take a leading role in the rapidly growing cryptocurrency sector. By embracing Bitcoin, advocates believe that the country can position itself at the forefront of innovation and shape the future of digital currencies.
However, critics raise apprehensions regarding the inherent risks and volatility associated with cryptocurrencies. They caution that linking the U.S. dollar to BTC could introduce instability into the financial system and potentially heighten the risk of an economic crisis.
Kennedy’s proposals go beyond economics, resonating with his vision of a free and fair society. He supports the right to self-custody Bitcoin, personal node operation, and industry-neutral energy regulation.
In April 2023, he highlighted his stance against CBDCs, which he considers the ultimate mechanism for social surveillance and control.
The claim that FedNow is not the first step toward a CBDC would be more easily digestible were we not aware of the Biden administration’s steady barrage of hostile broadsides against cryptocurrencies.
Between 2008-22, the Fed partnered with a handful of big banks to print $10…
— Robert F. Kennedy Jr (@RobertKennedyJr) April 10, 2023
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