RFK Jr. Reveals Plan To Back US Dollar With Bitcoin – The End Of Bitcoin Taxes
During a Heal-the-Divide PAC event, Robert F. Kennedy Jr., a Democratic Presidential Candidate, discussed his proposed policies related to Bitcoin. He suggested gradually supporting the U.S. dollar with Bitcoin and exemp...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
During a Heal-the-Divide PAC event, Robert F. Kennedy Jr., a Democratic Presidential Candidate, discussed his proposed policies related to Bitcoin. He suggested gradually supporting the U.S. dollar with Bitcoin and exempting Bitcoin profits from capital gains taxes if he were to become president.
“My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin,” Kennedy said, describing his vision for returning to a hard currency standard in the U.S.
A new policy for the futureHe stated that if the first step was successful, he would increase the allocation annually. This new policy envisions a future financial system where Bitcoin’s limited supply and strong monetary principles strengthen the U.S. dollar, which is losing its position as the world’s reserve currency.
He believes that supporting the dollar and U.S. debt with tangible assets can help revive the dollar’s strength, control inflation, and usher in a new era of American financial stability, peace, and prosperity.
Furthermore, Kennedy’s administration will not impose capital gains taxes on the conversion of Bitcoin to the U.S. dollar.
This move is expected to promote innovation, encourage investment, protect citizen privacy, and stimulate business growth and technological employment in the United States, rather than in countries like Singapore, Switzerland, Germany, and Portugal.
He added that non-taxable events are not required to be reported, making it more challenging for governments to use currency as a weapon against free speech, which is one of his top priorities.
In his recent announcement, Kennedy restated the promises he made to promote the use of Bitcoin during his speech at the Bitcoin 2023 conference in May.
These commitments include protecting the right of individuals to hold Bitcoin themselves, supporting the right to operate Bitcoin nodes from home, and advocating for unbiased regulation of energy within the industry.
Kennedy sees these commitments as important to the principles of his uncle, former President John F. Kennedy, and his own goals of governing a fair and just nation.
“My uncle, President Kennedy, when he was in office, understood the importance of hard currency and the dangers of having pure fiat currency with no other option,” Kennedy said.
“He understood the relationship between fiat currency and war, fiat currency and … very, very destructive environmental projects and also these giant aggregations of wealth and the unbalance, the disparities in wealth that are the ultimate yield of every fiat currency.”
Stay tuned for more details about the matter.
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Binance Prepares to Resume Withdrawals, Unveils $6.3B Hack Recovery Plan
Binance is preparing to restore withdrawals in phases after its $6.3 billion hack, with reopening dependent on security checks. Th...
Mercado Bitcoin Plans Sui Asset Access in Brazil With Lending and Tokenization Links
TL;DR: Mercado Bitcoin and Sui have outlined access to SUI and stablecoins, with USDsui collateral and tokenized assets in scope....
Polymarket Sets $3.9M Refund Plan After Third-Party Script Compromise
TL;DR: Polymarket says its October 29 incident involved a compromised monitoring script. Its October 30 update put total refunds a...
Strategy Reports 848,517 Bitcoin as Q3 Gains Put Cash Coverage in Focus
TL;DR: Strategy reported 848,517 BTC as of October 25 and large third-quarter digital-asset gains. Cash coverage and financing obl...
The Largest Crypto Hacks in History Ranked by Dollar Value and Bitcoin Stolen
The reported $6.3 billion Binance breach may have rewritten cryptocurrency’s record books in dollar terms, but measuring digital h...
Binance covers 90% of $6B hack losses, plans withdrawals Nov 1
Binance's recovery efforts may boost market confidence and stabilize liquidity, potentially influencing Bitcoin prices amid market...