- RFK Jr. acknowledged that implementing such a plan would be a gradual process, and the backing of the dollar would be subject to evaluation based on its effectiveness.
- In the meantime, RFK Jr. voiced his disapproval of fiat currencies, claiming they were created to finance wars.
Robert F. Kennedy Jr. outlined a vision where, if he became president, he would progressively support the US dollar with Bitcoin. During a speech at a Heal-the-Divide PAC event on July 19, RFK Jr. proposed the idea of underpinning the dollar with what he referred to as “hard currency,” which includes assets like gold, silver, platinum, or Bitcoin. He believes this could play a role in re-establishing stability within the American economy.
RFK Jr. acknowledged that implementing such a plan would be a gradual process, and the backing of the dollar would be subject to evaluation based on its effectiveness. As an initial step, a small percentage of T-bills issued could be supported by hard currency, including assets like Bitcoin, gold, platinum, or silver. Moreover, he intends to create exemptions for BTC to USD conversions as part of the proposed framework.
The presidential candidate proposes introducing an exemption to encourage greater investments and entice businesses to establish themselves in the United States instead of seeking more crypto-friendly jurisdictions like Singapore, Germany, and Switzerland. He elaborated on the benefits of non-taxable events, emphasizing that they reduce the possibility of governments manipulating currency to suppress free speech, which he holds as a core principle and paramount objective.
RFK Jr. Open to Bitcoin Contributions for Political Gifts
RFK Jr.’s recent statements come several months after his appearance at the Miami Bitcoin 2023 conference on May 16. He announced his acceptance of Bitcoin contributions for his political campaigns during his speech at the event. Despite stating that he had no investments in BTC, this claim was later proven false.
A record retrieved on July 9 revealed that he held up to $250,000 worth of BTC. However, the report did not provide specific details about the purchase dates. Furthermore, the investment only yielded a modest income of less than $201.
The reason behind his initial comments, which did not align with his BTC investment, remains unclear, leading to various speculations. Some suggest that promoting BTC during his campaign while having immediate family members invested in crypto could perceive as a conflict of interest. However, his campaign manager, Kucinich, denies these allegations, stating that no conflict is involved.
RFK Jr. Criticizes Fiat Currencies
The presidential candidate restated his previous pro-BTC remarks, highlighting how the present administration of President Biden has taken actions against banks involved with Bitcoin through Choke Point 2.0. In the past, there were instances where various U.S. crypto-friendly banks faced rapid collapse as authorities increased scrutiny of the industry.
Kennedy also addressed the regulatory future of the crypto industry. He stated,
Bitcoin is not a security and should not be regulated as one.
In the meantime, RFK Jr. voiced his disapproval of fiat currencies, claiming they were created to finance wars. He expressed a preference for base currencies, as they pose challenges to the government’s ability to simply print money and fund wars, thereby imposing a hidden tax on the public through inflation.
Throughout his campaign for office, Kennedy has consistently advocated against the weaponization of currencies and has been critical of central bank digital currencies (CBDCs).
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