In a groundbreaking move, Democratic Presidential Candidate Robert F. Kennedy Jr. has unveiled his plans to support the cryptocurrency industry by backing the US dollar with Bitcoin and ending Bitcoin taxes. The announcement comes at a crucial time when the industry is grappling with heightened regulatory scrutiny and government intervention. Kennedy Jr.’s pro-Bitcoin stance is set to invigorate the crypto community, and his policies hold the potential to reshape the financial landscape if elected president.
At the Heal-the-Divide PAC event, Kennedy Jr. laid out his Bitcoin-focused policies, which include the gradual backing of the US dollar with Bitcoin and exempting Bitcoin profits from capital gains taxes. He proposes starting small, with approximately 1% of issued T-bills backed by hard currency like gold, silver, platinum, or Bitcoin. The cautious approach aims to gauge the initial phase’s outcomes before expanding the allocation further. Should he win the presidency, Kennedy Jr.’s administration would work to reform the financial system, bolstering the US dollar and debt obligations with hard assets while promoting the growth of business and tech jobs within the nation.
Having personally invested between $100,000 to $250,000 in Bitcoin, Kennedy Jr. demonstrated his commitment to the cryptocurrency community. His plans also include ending policies such as Operation Choke Point 2.0 and central bank digital currency (CBDC), which were implemented during the Biden administration.
RFK Jr. on fiat currency & #bitcoin pic.twitter.com/J0GC4had9x
— Dylan LeClair 🟠 (@DylanLeClair_) July 19, 2023
With Kennedy Jr.’s support, Bitcoin is poised to play a pivotal role in the upcoming US presidential election. The candidate stresses the significance of Bitcoin in preserving privacy and freedom, highlighting the potential benefits the digital currency can bring to society. To delve deeper into the matter, Kennedy Jr. is scheduled to participate in a Twitter Space hosted by “The Wolf of All Streets” Scott Melker on July 26, where he will discuss Bitcoin and freedom.
The impact of Kennedy Jr.’s endorsement on the crypto market has already been felt, as Bitcoin prices surged by over 1% after the news broke. Additionally, a 5% increase in trading volume within the last 24 hours indicates a growing interest among traders. Bitcoin’s resilience in maintaining its position above $30,000 suggests a potential move toward $35,000, with some analysts even predicting a price surge beyond $100,000 by 2024.
Despite the promising potential of Kennedy Jr.’s proposals, they are likely to face substantial challenges and opposition from various quarters. The concept of backing the US dollar with Bitcoin and exempting Bitcoin profits from taxes will undoubtedly trigger debates among economists, policymakers, and the general public. Additionally, the regulatory landscape surrounding cryptocurrencies is complex and ever-evolving, requiring careful consideration and cooperation from all stakeholders.
As the US presidential race intensifies, Kennedy Jr.’s pro-Bitcoin agenda adds an intriguing twist to the proceedings. Whether his policies gain traction or not, his advocacy for the cryptocurrency industry has already sparked a vital conversation about the future of finance and digital assets on a national scale. The path ahead for Bitcoin’s integration into mainstream economic policies may be uncertain, but the fact that it is now a topic of significant political discussion is a milestone worth noting.
