U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled two new reforms for bitcoin if he is elected president. He plans to back the U.S. dollar with the cryptocurrency and eliminate capital gains taxes on the conversion of bitcoin to USD. RFK Jr. stressed that his administration’s mission is to make America “the global hub of cryptocurrency, particularly bitcoin.”
Kennedy Administration Plans to Back US Dollar With Bitcoin
U.S. presidential candidate Robert F. Kennedy Jr. unveiled several bullish plans for bitcoin if he is elected president during his speech at a Heal-the-Divide event on Tuesday. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy.
The presidential hopeful began by outlining the reforms he previously promised regarding BTC, stating that his administration’s mission is to make America “the global hub of cryptocurrency, particularly bitcoin, as a means of incentivizing greater investment in green and renewable energy production, attracting engineering, investment, and innovation to our country.” He also promised to “put an end to the current policies of the Biden administration that are invited by Chokepoint 2.0 to punish banks for dealing in bitcoin, and also to make strong barriers against the issuance of central bank digital currencies [CBDCs].”
“I want to talk today about two additional reforms that we’ve given a lot of thought to, and are going to be part of our package,” Kennedy said Tuesday. One of the reforms is to back the U.S. dollar with BTC. He detailed:
The Kennedy administration will be backing the U.S. dollar with real, finite assets, such as gold, silver, platinum, and bitcoin, which is the world’s hardest liquid asset, to strengthen the U.S. dollar and guarantee its continued success as the world’s reserve currency.
“This will include U.S. Treasury bills, notes, and bonds. My plan would be to start very, very small — perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver, platinum, or bitcoin. And then, depending on the outcome, we would increase that annually,” he described. “What this will do is … ironically, we will be able to use bitcoin to help save the U.S. dollar.”
Capital Gains Tax Exemption
Another bitcoin reform Kennedy revealed on Tuesday concerns capital gains taxes from converting the cryptocurrency to U.S. dollars. The pro-bitcoin presidential candidate, who recently revealed that he holds up to $250K in BTC, stated:
Like Singapore, Germany, Switzerland, Puerto Rico and Portugal, the Kennedy administration will exempt the conversion of bitcoin to U.S. dollars from capital gains taxes.
Kennedy explained that the benefits of this policy include “facilitating innovation and investment, ensuring citizen privacy, [and] incentivizing businesses to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany, and Portugal.”
Moreover, he explained that one of the factors in this decision is that “non-taxable events are unreportable,” emphasizing that “it will be more difficult for governments to weaponize currency against free speech, which, as many of you know is one of my principle objectives, and other civil liberties.”
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