Presidential Candidate Robert Kennedy Jr. Vows to Back US Dollar with Bitcoin if Voted in
Robert Kennedy believed backing the US dollar with Bitcoin (BTC) would stabilize the economy.The presidential candidate unveiled his plan to slowly back the US dollar with Bitcoin and other hard currencies like gold, platinum, or silver.
He also spoke against existing anti-Bitcoin legislation. This shows Kennedy's pro-crypto stance, as other reports show that the presidential aspirant also holds some Bitcoins worth $250,000.
Robert Kennedy Jr. Accepts BitcoinSpeaking at a conference tagged Health-Divide PAC on July 19, Kennedy said that backing the United States dollar with what he dubbed hard currency," such as gold, bitcoin, platinum, and silver, could be useful for restabilizing the United States' economy.
The presidential candidate further claimed that adopting these hard currencies" would help mitigate inflation and bring a new season of American financial peace and prosperity.
Kennedy further stated that the process would be slow and that, depending on the success of his plan, he'd modify the amount of backing for the US dollar.
He said these hard currencies would back about 1% of issued T-bills. Furthermore, the Presidential candidate claimed to exempt dollar conversions from capital gains taxes.
He believes the proposed exemption would bolster investment and reward ventures for expanding their businesses in the United States, unlike other crypto-friendly countries like Switzerland or Singapore.
Kennedy Battles Anti-Crypto PositionAlso, Kennedy specifically spoke against the earlier proposed 30% tax on cryptocurrency mining, which was then suspended.Though he acknowledges that crypto mining raises energy concerns, Kennedy still believes energy usage might be overstated.
The Presidential aspirant also noted that it was unjust to stifle the cryptocurrency industry over energy use, as bitcoin mining uses the same amount of energy as video gaming. He claims the US authorities are fighting against the crypto industry because it poses a threat to existing power structures.
In addition to the ongoing energy concerns, Kennedy defended the world's largest crypto and the overall crypto market against arguments about fraudster use.
While recognizing that criminals may use cryptocurrency to shield illegal transactions, he still argues that regular citizens and users also need privacy.
Cryptocurrency provides users anonymity, protecting them from government officials' attempts to punish them by freezing their bank accounts and other payment gateways.
In a recent interview, Kennedy spoke against the United States SEC for attacking the crypto industry. He stated that the SEC now safeguards financial institutions and no longer acts in its foremost purpose by protecting Americans.
Kennedy further said that the SEC should only be made of neutral and pro-crypto individuals and should not have anti-cryptocurrency executives as members.
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