Robert F. Kennedy Jr.: If elected president will use BTC to support the dollar

2023-07-19 07:38:42

Author: TOM MITCHELHILL, COINTELEGRAPH; Compiler: Songxue, Jinse Finance

**Democratic presidential candidate Robert F. Kennedy Jr. has pledged to gradually back the U.S. dollar with bitcoin if elected president. **

Speaking at a PAC Bridging Divide event on July 19, Kennedy claimed that backing the U.S. dollar with what he called “hard currencies,” including gold, silver, platinum or bitcoin, could help re-stabilize the U.S. economy . **

** “Backing the dollar and US debt with hard assets can help restore the dollar’s strength, curb inflation, and usher in a new era of financial stability, peace, and prosperity in the United States.”**

Kennedy explained that the process will be gradual, and based on the success of the program, he will adjust the amount of support in dollars.

“My plan is to start small; maybe 1% of T-bills issued will be backed by hard currency, gold, silver, platinum or bitcoin,” he said.

**Additionally, Kennedy announced that he would make the conversion of Bitcoin to USD exempt from capital gains tax. **

He believes the proposed exemption will spur investment and incentivize businesses to grow their operations in the U.S. rather than other crypto-friendly jurisdictions like Singapore or Switzerland.

Kennedy’s latest round of pro-Bitcoin remarks came after he attended the Bitcoin 2023 conference in Miami on May 19, announcing that he would accept Bitcoin for political campaign donations.

On July 9, investment disclosures found that Kennedy owned bitcoin worth as much as $250,000, despite his previous statements denying any exposure to the asset.

Robert Kennedy Jr. is one of many presidents expected to make a sweeping commitment based on cryptocurrencies. **On July 14, Republican presidential candidate and Florida Governor Ron DeSantis promised to ban central bank digital currencies if elected president. **

“If I were president, we would do away with central bank digital currencies on day one. It’s not going to happen in this country,” DeSantis said.

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