{"id":38289,"date":"2023-07-20T15:17:02","date_gmt":"2023-07-20T19:17:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/rfk-jr-pledges-support-for-bitcoin-backed-dollar-and-tax-exemption-for-btc\/"},"modified":"2023-07-20T15:17:04","modified_gmt":"2023-07-20T19:17:04","slug":"rfk-jr-pledges-support-for-bitcoin-backed-dollar-and-tax-exemption-for-btc","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38289","title":{"rendered":"RFK Jr. Pledges Support for Bitcoin-Backed Dollar and Tax Exemption for BTC"},"content":{"rendered":"
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US Democratic presidential candidate Robert F. Kennedy Jr. has said he is in favor of a tax exemption on Bitcoin (BTC), while also unveiling a plan to partly back the US dollar with \u201creal, finite assets\u201d like Bitcoin.<\/p>\n

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\u201cLike Singapore, Germany, Switzerland, Puerto Rico and Portugal, a Kennedy administration will exempt the conversion of Bitcoin to the US dollar from capital gains taxes,\u201d Kennedy said.<\/p>\n

He explained that although he believes there are downsides a allowing Bitcoin holders to convert their coins to fiat tax-free, the advantages of such a policy would outweigh the disadvantages.<\/p>\n

“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,\u201d the Democratic party outsider said.<\/p>\n

Backing the dollar with Bitcoin<\/h2>\n

The presidential candidate and nephew of former US President John F. Kennedy further said that he would support backing the US dollar and US Treasury bills with hard assets, such as Bitcoin.<\/p>\n

\u201cA Kennedy administration will begin to back the US dollar with real, finite assets, such as gold, silver, platinum and Bitcoin,\u201d Kennedy, who in a June poll received higher favorability rating than both Biden and Trump, said.<\/p>\n

He went on to call Bitcoin specifically \u201cthe world\u2019s hardest liquid asset.\u201d<\/p>\n

The candidate said he would start “very, very small,\u201d with around a 1% backing for Treasury bills with assets like gold, silver, platinum or Bitcoin.<\/p>\n

\u201cDepending on the outcome, we would increase that annually,\u201d he added.<\/p>\n

“Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity,” Kennedy said.<\/p>\n

Pro-Bitcoin presidential candidate<\/h2>\n

Robert F. Kennedy has previously been revealed as a Bitcoin holder, with financial documents from June showing that he holds between $100,001 and $250,000 worth of BTC in a brokerage account.<\/p>\n

He has also spoken favorably about Bitcoin in the past, calling it a \u201cbulwark against totalitarianism and the manipulation of our money supply.\u201d<\/p>\n

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