U.S. Dollar To Be Backed by Bitcoin if Elected: Robert F. Kennedy Jr.

Vinod Dsouza
robert f kennedy jr usa flags bitcoin btc blockchain cryptocurrency
Source: CNN.com

Democratic Presidential Candidate Robert F. Kennedy Jr. outlined Bitcoin-related policies that would be put in place if he is elected as the President in 2024. Kennedy Jr. revealed his plans to back the US dollar with Bitcoin (BTC). The presidential candidate also announced that investors making profits from Bitcoin would be exempted from capital gains taxes. Kennedy Jr. made the bold political pitch at the Heal-the-Divide PAC event on Tuesday.

Kennedy Jr. said that his administration “will exempt the conversion of Bitcoin to the U.S. dollar from capital gains taxes.”

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The move would facilitate innovation and put the U.S. as the leader of the cryptocurrency markets and blockchain technology. It would spur investments and make way for new ventures to enter the cryptocurrency markets ushering in a new era of global finances.

The Democratic politician is a staunch supporter of Bitcoin and blockchain technology in general. During a speech in May, he mentioned that he would do everything to “defend the right of self-custody of Bitcoin.” He added that everyone must have “the right to run a node at home.” He also defended the “industry-neutral regulation of energy.”

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The U.S. Dollar & Bitcoin Will Thrive If I’m Elected President: Robert F. Kennedy Jr.

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Source: Pexels

Kennedy Jr. stressed that Bitcoin is not a security and should never be regulated by governments around the world. “Bitcoin is not a security and should not be regulated as one,” he said. The politician also called out previous administrations for using fiat currencies to fund wars around the globe. “Fiat currency was invented to fund wars,” he said.

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He added, “I like base currencies because they make it more difficult, you have to go to the public. You can’t just print money to fund the war and tax the public through the hidden tax of inflation. You actually have to go to the public and say, ‘Here’s what this war is going to cost.’”