In a bold political move, Democratic Presidential Candidate Robert F. Kennedy Jr. laid out a series of ground-breaking Bitcoin-centric policies at a Heal-the-Divide PAC event earlier this week. Kennedy aims to slowly back the U.S. dollar’s with hard money, including Bitcoin. A step that could reposition the U.S. dollar and solidify its declining stronghold as the world’s reserve currency.
Kennedy plans to initiate this revolutionary move by backing a small percent of issued T-bills with hard currencies like gold, silver, platinum and bitcoin. He foresees this as a stepping stone to the resurgence of a hard currency standard in the U.S., a step he believes could reestablish the U.S. dollar’s strength, keep inflation at bay and propel a new era of American financial stability and prosperity. The allocation to these hard assets could increase annually based on the outcome of this first step.
Kennedy’s financial foresight does not stop with the resurgence of hard money. He also announced his intention to declare Bitcoin conversions into the U.S. dollar exempt from capital gains taxes. This non-taxable event, he argues, will inspire innovation and investment, protect citizen privacy, and encourage companies to expand their business and tech jobs in the U.S. rather than overseas.
This perspective is deeply intertwined with Kennedy’s vision for an equitable country, drawing on the hard currency principles of his uncle, President John F. Kennedy. Reflecting on the detrimental impact of fiat currency systems on wealth disparity, environmental destruction and war funding, Kennedy asserts the need for a hard currency alternative.
The primary intention, according to Kennedy, is to prevent governments from using currency as a weapon against free speech. Kennedy stressed that his administration would fiercely protect the rights of individuals to self-custody Bitcoin, operate a node at home, and advocate for industry-neutral energy regulations, a message he first spoke to at The Bitcoin Conference earlier this year in Miami, Florida.
Kennedy also expressed his resolve to push back against the Biden administration’s policies that indirectly penalize banks dealing with Bitcoin. His regulatory vision extends to negate the adverse effects of Choke Point 2.0, a controversial initiative viewed as detrimental to the Bitcoin and crypto industries.
Kennedy’s Bitcoin-based policies could prove to be a financial panacea against the U.S.’s growing national debt, which has seen a steady increase rate of 6.5% over the past decade. His proposal of the U.S. Treasury acquiring assets like Bitcoin and precious metals is presented as a kind of insurance policy against this looming debt.
Kennedy’s staunch belief in Bitcoin as a policy tool could initiate a seismic shift in the political landscape, offering the potential to ensure the nation’s fiscal longevity while making the U.S. an attractive destination for global intellectual capital. The stakes are high, and the world watches as Bitcoin weaves itself deeper into the fabric of U.S. fiscal policy.
Regardless of the outcome, we’re glad to see Bitcoin advocates on both sides of the 2024 Presidential aisle.
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