Democratic Aspirant Robert F. Kennedy Jr Promises to Back Dollar with Bitcoin if Elected President

UTC by Tolu Ajiboye · 3 min read
Democratic Aspirant Robert F. Kennedy Jr Promises to Back Dollar with Bitcoin if Elected President
Photo: Gage Skidmore / Flickr

According to Kennedy, backing the dollar with Bitcoin would help stabilize the economy. Kennedy has also spoken against anti-Bitcoin laws.

Robert F. Kennedy Jr. announced he would back the US dollar with Bitcoin (BTC) if he wins the next election and becomes the president of the United States. The Democratic candidate spoke at Wednesday’s Heal-the-Divide PAC event, expressing his opinion on balancing the American economy.

Kennedy believes “hard assets”, including Bitcoin, would help. The presidential aspirant says the plan would be to start slowly, backing 1% of all issued Treasury bills using Bitcoin, platinum, silver, or gold.

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

As part of his plans for Bitcoin when he becomes president, Kennedy also said he would create tax exemptions for Bitcoin. The aspirant said all Bitcoin conversions to the US dollar would not be liable to capital gains taxes. He believes doing this would encourage investors to keep their investments and related businesses in the US instead of moving them to crypto-friendly countries like Switzerland.

Kennedy Accepts Bitcoin

Robert Kennedy’s declaration of official support for Bitcoin and related tax exemptions ties into his previous comments about his campaign. At the Bitcoin 2023 conference in Miami, the presidential candidate announced to attendees that he is open to receiving Bitcoin donations.

Kennedy spoke at the conference, saying that Bitcoin has a definite link to democracy and freedom, and touted the king coin’s power, durability, and flexibility. The candidate likely attended the conference to appeal to the crypto community and is now announcing pro-Bitcoin regulations to pull the community closer.

In a Twitter thread posted on May 3, Kennedy criticized the US government for its anti-crypto position. According to Kennedy, because Bitcoin and digital assets are a “major innovation engine”, the government’s position will “hobble the industry and drive innovation elsewhere”.

Kennedy Tackles Anti-Crypto Stance

Furthermore, Kennedy specifically tackled the earlier proposed 30% tax on crypto mining, which was later suspended. Although Kennedy admits that Bitcoin mining presents energy concerns, he believes the energy use might be “somewhat overstated”. The presidential candidate also added that it is unfair to stifle the crypto sector over energy use because “bitcoin mining uses about the same as video games”. He believes the real reason for going after crypto is because it “threatens elite power structures”.

In addition to energy concerns, Kennedy defended Bitcoin and cryptocurrencies against arguments about criminal use. While conceding that criminals may use crypto to shield illicit transactions, he argued that ordinary citizens and dissidents also want privacy. Crypto makes it difficult for the government to punish dissidents by freezing their bank accounts and other payment platforms.

In a May interview, Kennedy also criticized the United States Securities and Exchange Commission (SEC) for going after the crypto industry. He said the SEC now protects banks and no longer serves its original purpose of safeguarding Americans. He then added that the SEC should only consist of neutral and pro-crypto people, and should not have anti-crypto officials as members.

Bitcoin News, Blockchain News, Cryptocurrency News, Currencies, Market News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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