Presidential candidate Robert F. Kennedy Jr. unveiled his ambitious plan to support the US Dollar with digital assets such as Bitcoin. Speaking at a Heal-the-Divide PAC event on July 19, RFK Jr. explained his intention to back a fraction of US debt obligations with hard assets like gold, silver, platinum, or even Bitcoin.
Revitalizing the US Dollar’s Reserve Currency Status
In a recent interview, Kennedy emphasized his firm belief that backing the US Dollar with valuable assets would fortify its position as the world’s reserve currency. This move, according to him, would not only bolster the dollar but also rein in inflation and pave the way for a new era of financial stability and prosperity in the United States.
Bitcoin’s Exemption from Capital Gains Tax and Its Impact
A key element of RFK Jr.’s proposal is to exempt Bitcoin from capital gains tax. This bold move aims to foster innovation, attract investments, and protect the privacy of citizens.
By making Bitcoin transactions non-taxable events, Kennedy hopes to discourage businesses from relocating offshore to avoid taxes, thus stimulating domestic growth and development.
Kennedy’s Stance on Bitcoin Regulation and Banking Policies
The presidential hopeful has consistently advocated against the weaponization of currencies, and he views Bitcoin as a potent safeguard against government overreach and corporate intrusion. Kennedy has been critical of President Biden’s administration for its punitive measures against banks dealing with Bitcoin.
The politician firmly believes that Bitcoin should not be treated as a security but rather as a digital asset with immense potential.
Condemning Fiat Currencies and the Promise of Base Currencies
RFK Jr. takes a stand against fiat currencies, contending that they were created to finance wars. He favors base currencies as they curb governments from inflating the economy to fund conflicts and impose hidden taxes on the public.
In his pursuit of safeguarding individual freedoms, he vehemently opposes central bank digital currencies (CBDCs) due to their potential for asset freezing and invasive financial monitoring.
The Potential Impact on the Crypto Industry and Regulatory Landscape
If he indeed stands by his words, the outcome of Kennedy’s potential presidency holds immense implications for the future of Bitcoin and the entire digital asset sector. By positioning himself as a champion of individual rights to own and use Bitcoin, his policies could lead to more accommodating regulations, fostering a favorable environment for the cryptocurrency sector.
His shared concerns about CBDCs with his Republican opponent, Ron DeSantis, highlight the increasing influence of cryptocurrency regulation in the upcoming US presidential election.
Robert F. Kennedy Jr.’s proposal to back the US Dollar with Bitcoin and exempt the cryptocurrency from capital gains tax showcases his bold vision for America’s financial future. If elected, his policies could reinforce the strength of the US Dollar, promote innovation and investment, and protect individual freedoms in the face of increasing government control.
With both major presidential nominees expressing opposition to CBDCs, the upcoming election holds significant implications for the crypto industry’s regulatory landscape. Kennedy’s embrace of Bitcoin as a safeguard against inflation and government intrusion might signal a promising future for cryptocurrencies in the United States.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.