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 “real, finite assets” like Bitcoin.
“Like Singapore, Germany, Switzerland, Puerto Rico and Portugal, a Kennedy administration will exempt the conversion of Bitcoin to the US dollar from capital gains taxes,” Kennedy said.
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.
“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,” the Democratic party outsider said.
Backing the dollar with Bitcoin
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.
“A Kennedy administration will begin to back the US dollar with real, finite assets, such as gold, silver, platinum and Bitcoin,” Kennedy, who in a June poll received higher favorability rating than both Biden and Trump, said.
He went on to call Bitcoin specifically “the world’s hardest liquid asset.”
The candidate said he would start “very, very small,” with around a 1% backing for Treasury bills with assets like gold, silver, platinum or Bitcoin.
“Depending on the outcome, we would increase that annually,” he added.
“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.
Pro-Bitcoin presidential candidate
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.
He has also spoken favorably about Bitcoin in the past, calling it a “bulwark against totalitarianism and the manipulation of our money supply.”
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