Robert Kennedy Jr. Outlines Plan for Hard Currency Standard with Bitcoin Adoption
- Shams Ul Zoha
- July 19, 2023
- 10:51 am
WHAT YOU SHOULD KNOW
- Kennedy proposes a hard currency standard using Bitcoin to enhance the U.S. financial system’s strength and stability.
- Kennedy advocates for exempting Bitcoin to USD conversions from capital gains taxes to promote innovation, investment, citizen privacy, and tech jobs in the United States.
- Kennedy vows to halt Biden administration policies that punish banks handling Bitcoin through Choke Point 2.0.
Democratic Presidential hopeful Robert Kennedy Jr. outlined his proposal to reintroduce a hard currency standard in the United States, with Bitcoin playing a role in this plan. In an interview with Bitcoin Magazine, Kennedy suggested starting with a small allocation, about 1% of issued T-bills, backed by hard assets like gold, silver, platinum, or Bitcoin. His vision is to restore strength and stability to the U.S. financial system and gradually increase the allocation of hard assets based on the initial results. This approach, according to Kennedy, could bolster the U.S. dollar’s eroding position as the world reserve currency, curb inflation, and lead to a new era of American financial stability.
Kennedy further stated that his administration would exempt the conversion of Bitcoin to the U.S. dollar from capital gains taxes. He emphasized the benefits of this exemption, such as encouraging innovation, investment, citizen privacy, and stimulating growth in the tech sector within the United States. Kennedy is committed to promoting Bitcoin adoption and defending the right to self-custody of the cryptocurrency, supporting the idea of running a Bitcoin node at home, and advocating for industry-neutral regulation of energy.
Reflecting on the history of fiat currencies, Kennedy was critical, noting that they were initially created to fund wars. He firmly asserted that Bitcoin should not be classified as a security and opposed the current punitive policies of the Biden administration towards banks handling Bitcoin through Choke Point 2.0. Kennedy’s plan reflects his belief that backing dollars and U.S. debt obligations with hard assets like Bitcoin could lead to financial strength, peace, and prosperity in the United States.
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