FameEX Hot Topics | Robert F. Kennedy Jr. Commits to Bitcoin Backing for US Dollar as President-elect

Robert F. Kennedy Jr., a Democratic presidential candidate, has pledged to support the U.S. dollar with Bitcoin and grant tax exemptions on Bitcoin profits if elected president. Kennedy made these statements during a Heal-the-Divide PAC event on July 19. He believes that backing the U.S. dollar with "hard currency" such as gold, silver, platinum, or Bitcoin will stabilize the American economy, control inflation, and promote financial stability. Initially, Kennedy proposes starting with a small fraction, around 1%, of issued T-bills being backed by these hard assets, with adjustments based on the plan's success.

In addition, Kennedy intends to exempt conversions between Bitcoin and the U.S. dollar from capital gains taxes. He anticipates that this exemption will encourage investment and incentivize businesses to operate and expand within the United States instead of seeking crypto-friendly jurisdictions like Singapore or Switzerland.

Kennedy's recent endorsement of Bitcoin follows his participation in the Bitcoin 2023 conference held in Miami on May 19, where he announced his acceptance of political campaign donations in Bitcoin. Investment disclosures on July 9 revealed that Kennedy owns up to $250,000 worth of Bitcoin, contradicting his earlier statements denying any exposure to the cryptocurrency.

Kennedy is not alone in making promises related to cryptocurrencies during the U.S. presidential race. On July 14, Republican candidate and Florida Governor Ron DeSantis pledged to ban central bank digital currencies if elected, stating that such currencies would not be implemented in the United States under his presidency.

As the presidential race progresses, candidates are increasingly recognizing the growing influence and potential of cryptocurrencies. Kennedy's proposal to back the U.S. dollar with Bitcoin and provide tax exemptions for Bitcoin profits reflects the ongoing discussions surrounding the integration of digital assets into mainstream financial systems. These statements indicate a shifting attitude towards cryptocurrencies and their potential impact on the future of the U.S. economy.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.