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Robert Kennedy Jr., a US presidential candidate, has announced a plan to back the US dollar with Bitcoin

“My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin,” Kennedy said.

Democratic presidential candidate Robert F. Kennedy Jr., speaking at a Heal-the-Divide PAC event, detailed the Bitcoin-centric policies he would execute as president, such as progressively backing the U.S. currency with bitcoin and exempting bitcoin income from capital gains taxes.

My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin.

Kennedy said

The presidential candidate began by outlining the changes he had previously promised in regards to BTC, saying that his administration’s goal is to make America “the global hub of cryptocurrency, particularly bitcoin, as a means of incentivizing greater investment in green and renewable energy production, attracting engineering, investment, and innovation to our country.” In addition, he said that he would “put an end to the current policies of the Biden administration that are invited by Chokepoint 2.0 to punish banks for dealing in bitcoin, and also to make strong barriers against the issuance of central bank digital currencies [CBDCs].”

Financial systems might be rethought if this proposal becomes law, with bitcoin’s extreme scarcity and solid monetary principles eventually undermining the United States dollar’s status as the world’s reserve currency.

In addition, Kennedy said he would eliminate capital gains taxes on Bitcoin purchases using U.S. dollars. According to him, the proposed exemption would attract capital and encourage startups to expand their operations in the United States rather than in crypto-friendly countries like Singapore or Switzerland.

In a Twitter Spaces event last month with Tesla CEO Elon Musk, Kennedy claimed he is “convinced” that the 2004 presidential election was stolen due to voting fraud and that prescription pharmaceuticals are connected to mass shootings in the United States. For saying that “COVID-19 is targeted to attack Caucasians and Black people,” he has lately received criticism as well. Ashkenazi Jews and the Chinese have the highest resistance.

In addition to these two bold suggestions, Kennedy also voiced additional opinions about the health of the American economy. He thinks that inflation and the Federal Reserve’s decision to raise interest rates are the greatest threats to the United States because they are “wiping out poor people.” He then said that he hopes the government would exercise “sensible regulation” and realize Bitcoin is not a security.

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