2024 US Presidential Candidate Robert F. Kennedy Jr Wants to Back US Dollars With Bitcoin
Robert F. Kennedy Jr, the pro-Bitcoin 2024 U.S. presidential candidate, has a series of interesting proposals and policy initiatives to reshape America’s Bitcoin landscape and boost its position in the global financial market.
Kennedy has been a strong supporter of Bitcoin since it offers a decentralized alternative to the traditional financial systems and allows users to conduct transactions without any sort of government interference. He also sees Bitcoin as an insurance against the financial censorship against politicians.
In the latest, Robert F. Kennedy Jr. proposed to back the U.S. Dollar with Bitcoin. While speaking at the Heal-the-Divide PAC event, held on July 19, 2023, Kennedy said: “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. My plan would be to start very small; perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver, platinum or Bitcoin”.
Moreover, Kennedy stated that he plans to make Bitcoin to U.S. dollar conversions free from capital gains taxes. He believes that this exemption would encourage investment and motivate businesses to expand their operations in the United States rather than in other cryptocurrency-friendly countries like Singapore or Switzerland.
Apart from the pioneering initiatives mentioned earlier, Kennedy has put forth several other Bitcoin policies. These proposals encompass safeguarding the right to self-custody Bitcoin and the right to run nodes from one's home. Additionally, Kennedy advocates for industry-neutral regulation of energy to foster abundant energy resources for cryptocurrency operations. Furthermore, he aims to establish clear and sensible jurisdiction and governance, acknowledging that Bitcoin is not a security and should not be subject to such regulations.
While being pro-Bitcoin, Kennedy is equally skeptical about central bank digital currencies (CBDCs). In May 2023, Kennedy shared his concerns about central bank digital currencies (CBDCs) and how they might affect individual freedom, democracy, and financial privacy.
Kennedy opposes CBDCs because he worries they could be used to control people's financial lives, especially if they express political disagreements. He pointed out that private companies like PayPal, Visa, and Mastercard have taken actions against individuals or groups under political pressure or to avoid regulatory issues.
As someone who strongly defends democracy and individual rights, Kennedy fears that CBDCs could be misused by governments to suppress dissent and control economic activities. If currencies become digital and CBDCs become widespread, governments could gain unprecedented power to monitor and manage financial transactions, potentially stifling dissent and undermining democracy.