In accordance with Kennedy, backing the greenback with Bitcoin would assist stabilize the financial system. Kennedy has additionally spoken towards anti-Bitcoin legal guidelines.
Robert F. Kennedy Jr. introduced he would again the US greenback with Bitcoin (BTC) if he wins the subsequent election and turns into the president of the US. The Democratic candidate spoke at Wednesday’s Heal-the-Divide PAC occasion, expressing his opinion on balancing the American financial system.
Kennedy believes “arduous belongings”, together with Bitcoin, would assist. The presidential aspirant says the plan can be to start out slowly, backing 1% of all issued Treasury payments utilizing Bitcoin, platinum, silver, or gold.
“Backing {dollars} and US debt obligations with arduous belongings might assist restore energy again to the greenback, rein in inflation and usher in a brand new period of American monetary stability, peace and prosperity.”
As a part of his plans for Bitcoin when he turns into president, Kennedy additionally mentioned he would create tax exemptions for Bitcoin. The aspirant mentioned all Bitcoin conversions to the US greenback wouldn’t be liable to capital good points taxes. He believes doing this might encourage buyers to maintain their investments and associated companies within the US as an alternative of shifting them to crypto-friendly international locations like Switzerland.
Kennedy Accepts Bitcoin
Robert Kennedy’s declaration of official help for Bitcoin and associated tax exemptions ties into his earlier feedback about his marketing campaign. On the Bitcoin 2023 convention in Miami, the presidential candidate introduced to attendees that he’s open to receiving Bitcoin donations.
Kennedy spoke on the convention, saying that Bitcoin has a particular hyperlink to democracy and freedom, and touted the king coin’s energy, sturdiness, and suppleness. The candidate possible attended the convention to attraction to the crypto group and is now asserting pro-Bitcoin laws to tug the group nearer.
In a Twitter thread posted on Could 3, Kennedy criticized the US authorities for its anti-crypto place. In accordance with Kennedy, as a result of Bitcoin and digital belongings are a “main innovation engine”, the federal government’s place will “hobble the business and drive innovation elsewhere”.
Kennedy Tackles Anti-Crypto Stance
Moreover, Kennedy particularly tackled the sooner proposed 30% tax on crypto mining, which was later suspended. Though Kennedy admits that Bitcoin mining presents power issues, he believes the power use could be “considerably overstated”. The presidential candidate additionally added that it’s unfair to stifle the crypto sector over power use as a result of “bitcoin mining makes use of about the identical as video video games”. He believes the actual purpose for going after crypto is as a result of it “threatens elite energy buildings”.
Along with power issues, Kennedy defended Bitcoin and cryptocurrencies towards arguments about prison use. Whereas conceding that criminals might use crypto to protect illicit transactions, he argued that peculiar residents and dissidents additionally need privateness. Crypto makes it troublesome for the federal government to punish dissidents by freezing their financial institution accounts and different cost platforms.
In a Could interview, Kennedy additionally criticized the US Securities and Change Fee (SEC) for going after the crypto business. He mentioned the SEC now protects banks and now not serves its unique function of safeguarding Individuals. He then added that the SEC ought to solely include impartial and pro-crypto folks, and shouldn’t have anti-crypto officers as members.
Tolu is a cryptocurrency and blockchain fanatic primarily based in Lagos. He likes to demystify crypto tales to the naked fundamentals in order that anybody wherever can perceive with out an excessive amount of background information.
When he isn’t neck-deep in crypto tales, Tolu enjoys music, likes to sing and is an avid film lover.