Written by Hazel J. Greene, Senior Analyst

In a recent event organized by the Heal-the-Divide PAC, Democratic Presidential Candidate Robert F. Kennedy Jr., unveiled his ambitious Bitcoin-oriented policies that could potentially reshape America’s financial landscape. With a vision to restore a solid currency foundation and promote financial stability, Kennedy’s proposal includes gradually backing the U.S. dollar with Bitcoin and precious metals, while eliminating capital gains taxes on Bitcoin earnings.

Kennedy’s innovative plan aims to initiate a gradual transition towards backing a portion of the U.S. debt obligations with hard assets, including gold, silver, platinum, and Bitcoin. Echoing his own words, Kennedy stated, “Bitcoin is part of the basket of hard currencies that the Kennedy administration is going to encourage.” He advocates starting small, with perhaps 1% of issued T-bills being backed by hard currency. Depending on the outcome, the initiative can then be expanded. The ultimate goal is to bolster the strength of the U.S. dollar.

This groundbreaking proposal has the potential to rejuvenate the dollar’s stability, control inflation, and foster prosperity for the nation. Kennedy firmly believes that exempting the conversion of BTC to the U.S. dollar from capital gains taxes would yield significant benefits. Notably, it could stimulate innovation and investment, protect citizen privacy, and create an environment conducive for businesses to thrive in the United States.

In Kennedy’s own words, “The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany, and Portugal.” He further highlighted that non-taxable events are unreportable, making it difficult for governments to weaponize currency against free speech, a key objective of his administration.

Inspired by his legendary uncle, President John F. Kennedy, RFK Jr. remains steadfast in his commitment to governing a free and equitable nation. He criticized the frequent use of fiat currencies to fund wars without transparent taxation or public approval. In contrast, he praised base currencies like Bitcoin for their potential to restrain such practices.

Kennedy also pledged to oppose the classification of Bitcoin as a security, vowing to end Operation Choke Point 2.0 and terminate policies penalizing banks involved with Bitcoin that were implemented during the Biden administration. His approach aligns with his goal of promoting the freedom of individuals to self-custody their BTC and support the right to operate a personal node. Additionally, he advocated for industry-neutral energy regulation to ensure a balanced and sustainable ecosystem.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.