FameEX Hot Topics | Robert F. Kennedy Jr. Pledges Bitcoin Backing for US Dollar if Elected President

Democratic presidential candidate Robert F. Kennedy Jr. has vowed to support the U.S. dollar with Bitcoin and exempt Bitcoin profits from capital gains tax if elected as president. Kennedy made the announcement during a Heal-the-Divide PAC event on July 19. He believes that backing the U.S. dollar with "hard currency" like gold, silver, platinum, or Bitcoin can stabilize the American economy, curb inflation, and promote financial stability. Kennedy proposed starting with a small percentage, around 1%, of issued T-bills being backed by hard assets, with potential adjustments based on the plan's success.

Furthermore, Kennedy expressed his intention to make conversions between Bitcoin and the U.S. dollar exempt from capital gains taxes. He believes this exemption will encourage investment and incentivize businesses to operate and grow within the United States, rather than seeking crypto-friendly jurisdictions like Singapore or Switzerland.

Kennedy's recent endorsement of Bitcoin follows his participation in the Bitcoin 2023 conference 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 the only presidential candidate making promises related to cryptocurrencies. 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 U.S. presidential race continues, 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.