Standing up to his usual crypto advocacy Robert F. Kennedy Jr. has voiced plans for Bitcoin and US Dollars. In a recent event, Kennedy proposed an idea that Bitcoin can be used to back US Dollars.
Speaking at PAC event on Tuesday, Democratic presidential candidate Kennedy has come up with a bold plan to use Bitcoin to back U.S. Dollars. He also wants to make Bitcoin profits exempt from capital gains taxes and highlighted specific Bitcoin-centric policies that he would enact as president. Describing his vision for returning to a hard currency standard in the US, Kennedy stated:
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.
Sources reveal that the presidential candidate said he would increase allocation depending on the outcome of the initial step. Kennedy Jr. said that fiat currency “was invented to fund wars,” preferring base currencies “because they make it more difficult.” He added that government “can’t just print money to fund the war and tax the public through the hidden tax of inflation.”
To this, the Watson Institute stands relevant the estimate of U.S. post-9/11 war spending between 2001 and 2022 is $8 trillion. Then, Kennedy cited several advantages to backing Dollars with hard assets:
Backing dollars and US debt obligations with hard assets could help restore strength back to the dollar, rein in inflation, and usher in a new era of American financial stability, peace, and prosperity.
Speaking further on the benefits, Kennedy included the aspects like facilitating innovation, spurring investments, and ensuring citizen privacy. Additionally, he said it could incentivize ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany, and Portugal.
The Democrat presidential candidate is also accepting Bitcoin for campaign donations, and has pledged an “inviolable right” to hold and use Bitcoin. The comments came as he kicked off his campaign at a Bitcoin conference in Miami in May.
In June, Twitter co-founder Jack Dorsey officially backed Kennedy showing his support for the Democrat candidate. In a recent financial disclosure filed on June 30, Kennedy revealed that his family had invested between $100,001 and $250,000 in Bitcoin. This is the same disclosure form which called uninvited attention over pro-crypto New York mayor for discrepancies in the financial disclosure.
While Democrats have largely been found to be antagonistic contrary to Republicans, Kennedy has been vocal about his support for cryptocurrencies. He also stood against the mining tax which was anticipated to be highly harmful. Simultaneously, amid the rising fame of cryptocurrencies, American voters are looking up to a BTC favouring candidate marking hopes for the industry.