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Amidst the hustle of his presidential campaign, Robert F. Kennedy Jr., the Democratic nominee, made an intriguing promise. A promise that could potentially change the future of the American economy.
At a recent political gathering held by Heal-the-Divide PAC on July 19, Kennedy unfurled a vision where the mighty U.S. dollar could regain its lustre through backing by Bitcoin and other hard currencies. This revolutionary proposal aims to bolster the American economy, align inflation, and stimulate a new phase of financial steadiness, peace, and prosperity.
Kennedy's approach to this ambitious plan would not be a sudden leap, but a careful, phased introduction. The pilot phase would feature a minute proportion of treasury bills, roughly 1%, backed by Bitcoin or other precious assets such as gold, silver, or platinum. The ultimate extent of this backing would hinge on the outcome of this innovative plan.
A noteworthy element of Kennedy's proposition is the alleviation of capital gains tax on conversions between Bitcoin and U.S. dollars. This strategic move is designed to attract investment, luring ventures to set up shop in the United States instead of Bitcoin-friendly nations like Switzerland or Singapore.
The spotlight first fell on Kennedy's Bitcoin-related perspective during the Bitcoin 2023 conference in Miami. There, he proclaimed his willingness to accept Bitcoin for political campaign donations. Despite earlier denials of exposure to the asset, investment revelations on July 9 showed Kennedy owning Bitcoin valued up to $250,000.
Kennedy's Bitcoin-infused promise is not unique among the current crop of presidential candidates. Notably, on July 14, Florida Governor Ron DeSantis, a Republican contender, pledged to abolish central bank digital currencies in the event of his presidential victory.
The prospective 2023 elections seem to be shaping up as a battleground for defining the role of cryptocurrency in the American economy.
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