- RFK Jr. unveils a proposal to strengthen the U.S. dollar by gradually backing it with Bitcoin and exempting Bitcoin profits from capital gains taxes.
- This unprecedented policy anticipates a future where Bitcoin’s inherent scarcity and sound monetary principles could fortify the fading dominance of the U.S. dollar as the world reserve currency.
Presidential candidate Robert F. Kennedy Jr. recently presented an innovative vision to revamp U.S. fiscal policy, leveraging the intrinsic power of Bitcoin. He announced this transformative blueprint at a Heal-the-Divide PAC event, advocating a gradual approach to backing the U.S. dollar with Bitcoin and exempting Bitcoin profits from capital gains taxes.
A New Era of Monetary Stability with Bitcoin
Kennedy Jr. proposes to begin modestly, with perhaps 1% of T-bills backed by hard currency such as gold, silver, platinum, or Bitcoin. The rate would incrementally increase each year, depending on the success of the initial step.
This avant-garde proposition envisions a financial landscape where Bitcoin’s absolute scarcity and robust monetary principles can bolster the U.S. dollar’s diminishing status as the world reserve currency. Kennedy believes that supporting dollars and U.S. debt obligations with hard assets could rejuvenate the dollar’s strength, curb inflation, and initiate a fresh period of American financial stability, peace, and prosperity.
Additionally, Kennedy’s administration plans to
“exempt the conversion of Bitcoin to the U.S. dollar from capital gains taxes.”
According to him, this move could stimulate innovation, encourage investment, protect citizen privacy, and provide incentives for businesses to grow within the U.S. rather than in other nations.
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Kennedy upholds his commitment to fostering Bitcoin adoption, consistent with the principles of his uncle, former President John F. Kennedy. Reflecting on his uncle’s understanding of the correlation between fiat currency, war, and wealth disparities, Kennedy argued for the necessity of a hard currency.
Bitcoin as a Policy Tool, Not Just an Asset
Addressing the use of fiat currency to finance wars without specific government taxation or citizens’ approval, Kennedy stressed his regulatory stance that Bitcoin is not a security and should not be treated as such. He also emphasized his resolution to halt the current policies of the Biden administration punishing banks that engage with Bitcoin.
Given the consistent growth rate of 6.5% in national debt over the past decade, Kennedy posits that a forward-thinking and comprehensive fiscal strategy is needed. In this context, his suggestion that the U.S. Treasury acquire assets like Bitcoin and precious metals is an attempt to provide an insurance policy against the nation’s escalating debt.
Kennedy’s unwavering faith in Bitcoin signifies an impending political shift, where Bitcoin is recognized not only as an asset but also as a wise policy tool to ensure the nation’s fiscal longevity and an opportunity to attract intellectual capital to U.S. shores.
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