Presidential Candidate Robert F. Kennedy Jr. Vows to Reinforce US Dollar with Bitcoin

Presidential Candidate Robert F. Kennedy Jr. Vows to Reinforce US Dollar with Bitcoin

Advocacy of Bitcoin for Economic Stability

Robert F. Kennedy Jr., the Democratic presidential hopeful, recently pledged his commitment to fortifying the United States dollar using Bitcoin (BTC), if he gets elected. Kennedy's comments came during a "Heal-the-Divide" PAC event on July 19, where he proposed the use of “hard currency” like gold, silver, platinum, or Bitcoin to reshape and reinforce the American economy.

Steady Progress with Flexibility for Adjustments

Emphasising a cautious approach, he asserted the need for a gradual process to back the dollar and maintain a readiness to tweak the support level based on the program's outcomes. "To start, perhaps 1% of issued Treasury bills would be reinforced with hard currency — gold, silver, platinum, or Bitcoin," Kennedy stated.

Ambition to Boost Investments through Tax Exemptions

Additionally, he expressed his intention to exclude Bitcoin to U.S. dollar conversions from capital gains tax. Kennedy believes that this step would drive investments, attracting ventures to cultivate and expand their businesses on American soil rather than in crypto-friendly countries like Singapore and Switzerland.

Kennedy’s Crypto Inclination

Kennedy's recent promotion of Bitcoin follows his participation in the Bitcoin 2023 conference in Miami on May 19, where he revealed his willingness to accept Bitcoin political campaign donations. Despite earlier denials of holding any Bitcoin, investment disclosures on July 9 revealed that he held Bitcoin assets worth up to $250,000.

Cryptocurrency Promises among Political Figures

Robert F. Kennedy Jr. is part of a growing list of presidential contenders seizing the opportunity to publicise crypto-related agenda. On July 14, Ron DeSantis, the Republican presidential candidate and Governor of Florida, asserted his intention to prohibit central bank digital currencies should he be elected president.