RFK Jr. announces bold plan to back the dollar with bitcoin, end bitcoin tax

Speaking at a heal-the-divide PAC event, Democratic presidential candidate Robert F. Kennedy Jr. outlined specific bitcoin-centric policies he would implement as president, including gradually replacing the US dollar with bitcoin. Including supporting and exempting bitcoin profits from capital gains taxes.

“My plan would be to start very, very small, maybe 1% of T-bills issued backed by hard currency, gold, silver platinum or bitcoin,” Kennedy described his approach to returning to a hard currency standard. America

He said that, depending on the outcome of that initial step, he would increase that allocation annually.

This potential policy reimagines the financial system, pointing to a future where the absolute scarcity of bitcoin and sound monetary principles reinforce the US dollar’s declining status as the world reserve currency.

“Backing the dollar and US debt obligations with hard assets can help restore dollar strength, rein in inflation, and usher in a new era of American financial stability, peace and prosperity,” he declared.

In addition, Kennedy announced that his administration would “exempt capital gains tax on converting bitcoin to US dollars.”

“Benefits include facilitating innovation and boosting investment, ensuring citizen privacy, encouraging enterprises to grow their business and tech jobs in the United States instead of Singapore, Switzerland, Germany and Portugal,” he added. ” This means it will be more difficult for governments to weaponize currency against freedom of expression, which, as many of you know, is one of my key objectives.”

During his announcement, Kennedy reiterated commitments he made during a speech at the Bitcoin 2023 conference in May to promote bitcoin adoption, including “defending the right to self-custody of bitcoin,” upholding the “right to run a node at home,” and defending “industry-neutral regulation of energy.”

Kennedy described his commitment to bitcoin as integral to the ideals of his uncle, President John F. Kennedy, and his own vision of governing a free and just country.

“My uncle, President Kennedy, when he was in office, understood the importance of hard currency and the dangers of having pure fiat currency without an alternative,” Kennedy said. “He understood the connection between fiat currency and war, fiat currency and… very, very destructive environmental projects and these massive aggregations of wealth and imbalances, disparities in wealth that are the end product of each fiat currency.”

Reflecting on the history of fiat currencies, Kennedy did not mince words, citing the frequent use of unbacked paper currency to fund wars without the need for specific government taxation or citizen approval.

“Fiat currency was invented to finance wars,” he said.

He emphasized his regulatory approach that “Bitcoin is not a security and should not be regulated as one” and his commitment to “end the current policies of the Biden administration that punish those banks by Choke Point 2.0.” Has been invited to those who are dealing with “Bitcoin.”

In considering the wider implications of these policies, Kennedy pointed to the financial circumstances the United States currently faced. a regular 6.5% growth rate in national debt in the last decade The apex office makes the case for visionary and comprehensive fiscal strategies. Against this backdrop, Kennedy’s proposal for the US Treasury to acquire assets such as bitcoin and precious metals is an approach that aims to offer an insurance policy against the country’s rising debt.

Kennedy’s strong belief in bitcoin signals a political paradigm shift to come, where bitcoin is seen not only as an asset, but as a prudent policy tool to ensure the country’s fiscal longevity and an opportunity to attract intellectual capital to American shores.