Democratic presidential candidate Robert F. Kennedy Jr. has unveiled his bold plan to stabilize the United States dollar. He promised to do this by progressively backing it with Bitcoin, gold, silver, platinum, or other hard assets. Speaking at a Heal-the-Divide PAC event on July 19, Kennedy proposed this strategy as a means to restore strength to the American economy and combat inflation.
Backing the US Dollar with Hard Currency
Kennedy believes that backing the US dollar with “hard currency” like Bitcoin could usher in a new era of financial stability, peace, and prosperity for the nation. He envisions a gradual process, starting with a conservative 1% backing of issued T-bills with hard assets. Depending on the plan’s success, the percentage of backing would be adjusted accordingly.
Kennedy made an eye-catching promise to exempt Bitcoin to US dollar conversions from capital gains taxes. This is in addition to his pledge to back the US dollar with Bitcoin. Furthermore, this move is to encourage investments and incentivize businesses to operate and grow within the United States, rather than seeking crypto-friendly jurisdictions abroad.
Kennedy’s Bitcoin Advocacy
Kennedy’s recent pro-Bitcoin stance is not limited to his backing proposal. Earlier, at the Bitcoin 2023 conference in Miami on May 19, he made headlines by announcing that he would accept political campaign donations in Bitcoin. Surprisingly, despite his previous denials, investment disclosures on July 9 revealed that Kennedy holds up to $250,000 worth of Bitcoin.
A Wave of Crypto-Based Promises
Kennedy is not alone in embracing cryptocurrency as a pivotal element of his presidential campaign. On July 14, Republican presidential candidate and Florida Governor Ron DeSantis declared that he would ban central bank digital currencies if elected president. He also highlighted the growing influence of cryptocurrency issues in the political arena.
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