US Presidential Candidate Robert Kennedy Jr Announces Bitcoin-Backed Dollar and Tax Reforms
Presidential candidate Robert F. Kennedy Jr. has revealed his proposed reforms for bitcoin should he become the president of the United States. These reforms include backing the US dollar with bitcoin and eliminating capital gains taxes on bitcoin-to-USD conversions. Kennedy Jr. emphasized his ambition to make America a global leader in cryptocurrency, particularly bitcoin.
Kennedy Jr., the son of former US Attorney General and Senator Robert F. Kennedy, announced his plans during a speech at a Heal-the-Divide event. He aims to position America as the global hub of cryptocurrency, attracting investments and innovations in green and renewable energy. Additionally, he pledged to dismantle the Biden administration’s policies that hinder banks from dealing with bitcoin and oppose the issuance of central bank digital currencies (CBDCs).
In his speech, Kennedy Jr. introduced two key reforms. The first reform entails backing the US dollar with various finite assets such as gold, silver, platinum, and bitcoin. By incorporating bitcoin, which he describes as the world’s hardest liquid asset, he aims to strengthen the US dollar and ensure its role as the global reserve currency. Initially, a small percentage (perhaps 1%) of US Treasury bills would be backed by these hard assets, with the potential for gradual annual increases.
The second reform focuses on exempting capital gains taxes on bitcoin-to-USD conversions. Kennedy Jr., a pro-bitcoin advocate holding up to $250K in BTC, proposes following the examples set by countries like Singapore, Germany, Switzerland, Puerto Rico, and Portugal. He believes that such an exemption would foster innovation, investment, and business growth within the United States, while also preserving citizen privacy and discouraging the relocation of tech jobs to other countries.
Kennedy Jr. believes that implementing these reforms will have numerous benefits, including promoting innovation, safeguarding civil liberties like free speech, and deterring governments from using currency as a tool to suppress dissent.
What are your thoughts on Robert F. Kennedy Jr.’s proposed bitcoin reforms in his presidential campaign? Share your opinions in the comments section below.
Frequently Asked Questions (FAQs) about bitcoin-backed dollar
What are the proposed reforms for bitcoin by Robert F. Kennedy Jr. if he is elected president?
Presidential candidate Robert F. Kennedy Jr. has unveiled two key reforms for bitcoin if he becomes the president of the United States. Firstly, he plans to back the US dollar with assets such as gold, silver, platinum, and bitcoin to strengthen the US dollar and ensure its status as the global reserve currency. Initially, a small percentage of US Treasury bills would be backed by these assets, with potential annual increases. Secondly, he aims to exempt capital gains taxes on converting bitcoin to US dollars, following the examples of countries like Singapore, Germany, Switzerland, Puerto Rico, and Portugal.
What is the mission of Robert F. Kennedy Jr.’s administration regarding cryptocurrency?
Robert F. Kennedy Jr.’s administration aims to position America as the global hub of cryptocurrency, particularly bitcoin. The mission is to incentivize greater investment in green and renewable energy production, attract engineering, investment, and innovation to the country, and foster financial growth and technological advancements. The administration also seeks to counter policies that discourage banks from dealing with bitcoin and create barriers against the issuance of central bank digital currencies (CBDCs).
What are the potential benefits of backing the US dollar with bitcoin?
Backing the US dollar with bitcoin and other finite assets can have several benefits. It strengthens the US dollar by adding a valuable and widely recognized asset to its backing. It also provides a means to guarantee the continued success of the US dollar as the global reserve currency. Additionally, incorporating bitcoin can attract investments and innovations in the cryptocurrency space, particularly in green and renewable energy production. The use of bitcoin can also help save the US dollar by providing liquidity and stability to the currency.
Why does Robert F. Kennedy Jr. propose exempting capital gains taxes on bitcoin-to-USD conversions?
Robert F. Kennedy Jr. suggests exempting capital gains taxes on bitcoin-to-USD conversions to foster innovation and investment within the United States. By following the example of countries like Singapore, Germany, Switzerland, Puerto Rico, and Portugal, he aims to incentivize businesses to grow within the country and create more tech jobs. This exemption can also ensure citizen privacy and discourage the relocation of businesses to other countries. Non-taxable events, like these conversions, can be unreportable, making it more challenging for governments to manipulate currency and potentially infringe on free speech and civil liberties.
How do these reforms align with Robert F. Kennedy Jr.’s broader goals?
Robert F. Kennedy Jr.’s proposed reforms for bitcoin align with his broader goals of promoting financial innovation, attracting investments and innovations in green and renewable energy, and safeguarding citizen privacy and civil liberties. By backing the US dollar with bitcoin and other assets, he aims to strengthen the country’s financial position and enhance its standing in the global economy. The tax exemption on bitcoin-to-USD conversions encourages business growth and job creation within the United States while maintaining individual privacy and preventing potential government misuse of currency as a tool to suppress free speech.
More about bitcoin-backed dollar
- Robert F. Kennedy Jr.’s Official Website
- Bitcoin as the World’s Hardest Liquid Asset
- Benefits of Backing the US Dollar with Bitcoin
- Capital Gains Tax Exemption on Bitcoin-to-USD Conversions
- Examples of Countries Exempting Capital Gains Taxes on Bitcoin
- Bitcoin and Renewable Energy Investment
- Government Policies and Bitcoin Adoption
- US Dollar as the Global Reserve Currency
- Central Bank Digital Currencies (CBDCs)