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Robert F. Kennedy Jr speaks at Bitcoin 2023. Image: André Beganski/Decrypt
Democratic Presidential hopeful Robert Kennedy Jr. has two daring new policies for his eventual administration: Exempt Bitcoin (BTC) holders from capital gains tax and back the U.S. dollar and Treasury Bills with a percentage of hard currencies, such as BTC.
“Bitcoin is among the hardest currencies and the Kennedy administration is going to encourage its proliferation and propagation,” said Kennedy at a political action committee (PAC) event dubbed Heal-the-Divide.
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The first of Kennedy’s audacious ideas, to exempt capital gains tax when Bitcoin is exchanged for U.S. Dollars, was accompanied by a recognition of its downsides. “This will give windfall to many Bitcoiners that have a great deal of money,” said the presidential candidate, but added that “the benefits dwarf the downfalls.”
This is a bid to counter moves from crypto-friendly countries like Switzerland, Singapore, Germany and Portugal. He thinks the tax exemption policy will spur investment, ensure citizen privacy, and incentivize top talent to stay in the United States.
“My administration’s mission is to make America the hub of cryptocurrency and particularly of Bitcoin,” he said.
According to the 68-year old, it will also make it more difficult for governments to “weaponize currency against free speech.” He touched upon the idea of Central Bank Digital Currencies (CBDCs) and that he intends on creating strong barriers for them to come to fruition.
He doesn't just have polarizing views on cryptocurrency.
Kennedy said during a Twitter Spaces event with Tesla CEO Elon Musk last month that he’s “convinced” the 2004 presidential election was stolen because of voter fraud and that mass shootings in the U.S. have been linked to prescription drugs. He’s also recently come under fire for alleging that “COVID-19 is targeted to attack Caucasians and Black people. The people who are most immune are Ashkenazi Jews and Chinese.”
A spokesperson for the White House has called the claims “vile” and “false.” In a June survey of voters, Emerson College found that 15% of respondents said they plan to vote for Kennedy in the primary.
Kennedy’s second Bitcoin announcement is to back both the U.S. Dollar and US. Treasury Bills with hard assets–namely gold, silver, platinum and Bitcoin. His plan, however, is to “start small,” backing 1% of t-bills with a combination of these assets, pointing to Bitcoin as what he considers to be “the world’s hardest asset.”
Aside from these two intrepid proposals, Kennedy didn’t hold back on other views on the state of the U.S. economy. In his eyes, the major threat to America is inflation, and the Fed’s decision to hike interest rates, which is “wiping out poor people.” He added that he wishes to see “sensible regulation,” and for the authorities to recognize Bitcoin is not a security.
