US Presidential Candidate Kennedy Jr Proposes Bold Bitcoin Reforms

US Presidential Candidate Kennedy Jr Proposes Bold Bitcoin Reforms

US presidential candidate Robert F. Kennedy Jr. is making waves with his visionary plans for Bitcoin should he ascend to the nation's highest office. He proposes bold Bitcoin reforms by backing the US dollar with the cryptocurrency and doing away with the capital gains taxes on the conversion of Bitcoin to the US dollar. 

The Kennedy Administration Aims to Back the US Dollar with Bitcoin 

The presidential hopeful outlined the Bitcoin reforms and shared his mission to position America as the global epicenter of cryptocurrency, especially Bitcoin while fostering green energy investments and attracting engineering, investment, and innovation to the country while addressing a 'Heal-the-Divide' event on Tuesday. Kennedy Jr. is the son of former US Attorney General and Senator Robert F. Kennedy and the nephew of former US President John F. Kennedy.

Kennedy emphasized in his speech that he intends to overturn the restrictive policies of the Biden administration, like Chokepoint 2.0, which punishes banks involved with Bitcoin. He also pledged to construct robust barriers against the issuance of Central Bank Digital Currencies (CBDCs).

“I want to talk today about two additional reforms that we’ve given a lot of thought to, and are going to be part of our package,” Kennedy declared on Tuesday. 

The ambitious Kennedy unveiled two groundbreaking reforms that could revolutionize the crypto landscape. The first is backing the US dollar with real, finite assets like gold, silver, platinum, and bitcoin, the world's hardest and most liquid asset. 

"The Kennedy administration will be backing the US dollar with real, finite assets, such as gold, silver, platinum, and bitcoin, which is the world’s hardest liquid asset, to strengthen the US dollar and guarantee its continued success as the world’s reserve currency."

Kennedy envisions a gradual integration, initially earmarking a small percentage of US Treasury bills, notes, and bonds that is to be backed by these hard assets, with the provision for annual expansion according to necessity. This novel approach seeks to fortify the US dollar and secure its status as the global reserve currency while harnessing the power of Bitcoin to achieve this goal.

“This will include US Treasury bills, notes, and bonds. I would plan to start very, very small; perhaps 1% of issued Treasury bills would be backed by hard currency, such as gold, silver, platinum, or bitcoin. And then, depending on the outcome, we would increase that annually,” he described.

“What this will do is, ironically, we will be able to use Bitcoin to help save the US dollar,” he explained. 

Capital Gains Tax Exemption

Kennedy proposed a remarkable exemption from capital gains taxes on Tuesday for conversions of bitcoin to US dollars, drawing inspiration from nations like Singapore, Germany, Switzerland, Puerto Rico, and Portugal. 

"Like Singapore, Germany, Switzerland, Puerto Rico, and Portugal, the Kennedy administration will exempt the conversion of bitcoin to US dollars from capital gains taxes."

This move aims to stimulate innovation and investment, preserve citizen privacy, and encourage businesses to grow and create tech jobs within the United States rather than in Singapore, Germany,  Switzerland,  and Portugal.

The candidate highlighted the significance of non-taxable events being unreportable, which serves as a bulwark against governments exploiting currency to stifle free speech and civil liberties, a key objective in Kennedy's vision.

With these revolutionary plans, Robert F. Kennedy Jr. seeks to reshape the crypto landscape, harnessing the potential of Bitcoin to uplift the US economy, protect individual freedoms, and forge a new chapter in the world of finance.

What is your take on the reforms Robert F. Kennedy Jr. has planned for Bitcoin if he is elected president? Please share your thoughts and opinions in the comments section below.