Robert F. Kennedy Jr. Announces Bold Plan to Back Dollar With Bitcoin, End Bitcoin Taxes
Speaking at a Heal-the-Divide PAC event, Democratic Presidential Candidate Robert F. Kennedy Jr. outlined specific Bitcoin-focused policies that he would enact as president, including gradually backing the US dollar with bitcoin and making bitcoin profits exempt from capital gains taxes.
“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.
He added 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 bitcoin's absolute scarcity and sound monetary principles reinforce the U.S. dollar’s eroding position as the world reserve currency.
"Backing dollars and U.S. 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," he declared.
In addition, Kennedy announced his administration “will exempt the conversion of bitcoin to the U.S. dollar from capital gains taxes.”
"The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany and Portugal,” he added. “Non-taxable events are unreportable and that means it will be more difficult for governments to weaponize currency against free speech, which as many of you know, is one of my principal objectives."
During his announcement today, Kennedy reiterated the slew of commitments he made to foster Bitcoin adoption during a speech at the Bitcoin 2023 conference in May, which included “defending the right of self custody of bitcoin,” upholding “the right to run a node at home” and defending “industry-neutral regulation of energy.”
