RFK Jr. Brings Bitcoin Into Presidential Politics
2023-07-21
Presidential hopeful Robert F. Kennedy Jr. recently detailed an innovative approach to monetary policy that would offer a significant boost to Bitcoin. If elected, Kennedy intends to back the U.S. dollar with "hard currency," including gold, silver, platinum, and Bitcoin, potentially heralding a new era of financial stability and prosperity for the United States and the cryptocurrency ecosystem.
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, Kennedy stated.
His initial proposal involves backing 1% of issued Treasury bills with these hard assets.
This announcement not only recognizes Bitcoin's growing significance in the global economy but also affirms its potential as a "hard asset" - a term traditionally reserved for precious metals such as gold, silver, and platinum. For Bitcoin, being in the same league signifies a landmark moment in its journey towards mainstream acceptance.
Moreover, Kennedy declared that he would exempt Bitcoin to U.S. dollar conversions from capital gains taxes. This proposal could incentivize more significant investment in Bitcoin, spur technological innovation, and encourage businesses to base their operations within the U.S. rather than in other, more crypto-friendly jurisdictions.
The Democratic presidential candidate's plans could potentially enhance the standing of Bitcoin within the U.S. economic framework. It signals a growing understanding and acceptance of digital currencies at the highest levels of governance. This potential policy change could also bolster the U.S. dollar's stability and strength, enhancing its global standing while concurrently offering a unique role to Bitcoin.
Kennedy, a known advocate for crypto assets, has also expressed his commitment to the right to self-custody Bitcoin and run blockchain nodes at home, promising industry-neutral energy regulation.
While the upcoming presidential election on November 4, next year will determine the feasibility of these proposals, Kennedy's stance undeniably marks a shift in political discourse regarding cryptocurrencies, emphasizing Bitcoin's potential to contribute to national economic stability.
