Robert F. Kennedy Jr, the Democratic presidential candidate, expects to back the United States dollar with Bitcoin (BTC $30,028) in case he is elected as the president, stated Cointelegraph.
It is believed that “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,” Robert F. Kennedy Jr explained at the Heal-the-Divide PAC event, held on July 19, 2023.
“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,” Robert F. Kennedy Jr mentioned.
Furthermore, Kennedy expects that he would exempt Bitcoin to US dollar conversions from capital gains taxes. Supposedly, the proposed exemption would increase investment and incentivise ventures to grow their business in the United States instead of other crypto-friendly jurisdictions such as Singapore and Switzerland, among others, Cointelegraph concluded.
(With insights from Cointelegraph)