Robert F. Kennedy Jr, The son of the late US Senator Robert F. Kennedy has made a bold promise to back the US dollar with Bitcoin if he is elected president.
Kennedy, who is running as an independent candidate in the 2024 presidential election, believes that the move would help to stabilize the US economy and protect against inflation. His proposal has been met with both excitement and skepticism, with many questioning the feasibility of such a plan.
“As president, I will make sure that your right to hold and use Bitcoin is inviolable.”
Robert F. Kennedy stated.
Kennedy’s proposal has been met with mixed reactions, with some experts questioning the feasibility of such a plan. While Bitcoin has been gaining popularity as a form of digital currency, it is still relatively volatile and subject to significant price fluctuations.
If elected, Kennedy would need to work with Congress to implement his plan, which would involve creating a Bitcoin reserve to back the US dollar. The move could potentially help to boost the value of Bitcoin and provide a more stable foundation for the US economy.
He has been a vocal proponent of Bitcoin and other cryptocurrencies, arguing that they offer a more secure and decentralized alternative to traditional forms of currency. While his proposal is certainly ambitious, it remains to be seen whether it would be feasible or effective in practice.
According to Kennedy, a gradual process would begin with a small portion—roughly 1%—of issued T-bills being backed by tangible assets like gold, silver, platinum, or Bitcoin. He would think about changing the level of backing for the dollar in accordance with the outcome of this plan.
The presidential hopeful also stated that he intended to exempt Bitcoin to US dollar exchanges from capital gains taxes.
Moreover, he also thinks that this exemption will promote investments and provide incentives for firms to flourish in the United States as opposed to moving to countries that support cryptocurrencies, like Singapore or Switzerland.
Earlier, Florida Governor and Republican presidential candidate Ron DeSantis pledged on July 14 to outlaw central bank digital currency (CBDCs) if elected. DeSantis made it clear that he would halt any chance of bringing CBDCs to the United States as soon as he took office. Compared to Kennedy’s statement, DeSantis seems to be unfavorable of adopting the new blockchain era in America.