Democratic presidential candidate Robert F. Kennedy Jr. has announced his plan to support the US dollar with the digital cryptocurrency Bitcoin if he is successful in his 2024 White House bid. Kennedy made this announcement during an online forum hosted by Heal the Divide, a super PAC linked to Republican congresswoman Marjorie Taylor Greene. He stated that he intends to back the dollar with “hard assets” like gold, silver, platinum, or Bitcoin in order to stabilize the US economy, which is currently facing inflation and rising consumer costs.
Kennedy believes that backing the dollar with hard assets could restore its strength and bring about a new era of American financial stability, peace, and prosperity. As part of his plan, conversions of Bitcoin to dollars would be exempt from capital gains tax under his administration. He argues that this exemption would make the US more competitive for business ventures compared to crypto-friendly regions like Switzerland or Singapore.
This announcement aligns with Kennedy’s goal of making America the global hub of cryptocurrency, particularly Bitcoin. He wants to attract more businesses and investors to the country, and he believes that supporting Bitcoin can help accomplish that. In May, Kennedy revealed at the Bitcoin 2023 conference in Miami, Florida that his campaign would accept donations in the digital currency.
Interestingly, it was recently disclosed that Kennedy has up to $250,000 of Bitcoin investments in his financial portfolio. This seemingly contradicts his previous comments stating that he had no financial ties to the cryptocurrency. However, his spokesperson has clarified that there is no conflict, as Kennedy’s investment came after he made the declaration that he was not a Bitcoin investor.
Kennedy is not the only presidential candidate who supports Bitcoin. Republican Vivek Ramaswamy and Florida governor Ron DeSantis, both vying for the White House, also express support for the digital currency. Bitcoin has gained popularity among investors due to its cheap and fast money transfers and decentralized systems. However, its extreme price volatility remains a concern for potential investors.
If Kennedy’s plan to back the dollar with Bitcoin is implemented, it could have significant implications for the US economy and the cryptocurrency market. It remains to be seen how this proposal will be received by the public and the broader crypto community. As the 2024 presidential election approaches, the role of Bitcoin in the future of the US economy will likely continue to be a topic of discussion and debate.
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