Robert F. Kennedy Claims ‘Bitcoin Will Be Pegged to the US Dollar’ if Elected; Is It Reliable?

• Kennedy suggests securing US debt with Bitcoin to enhance financial stability.
• He advocates for exempting Bitcoin-to-USD exchanges from capital gains taxes.

US Presidential candidate Robert F. Kennedy Jr. has recently attracted attention with his assertive Bitcoin-centric policies. During a Heal-the-Divide PAC event, he remarked, “Backing dollars and US debt obligations with hard assets like bitcoin could help… and prosperity.”

Kennedy highlighted the potential advantages of his proposal, which include reinforcing the US dollar, controlling inflation, and initiating a new phase of American financial stability. He noted, “My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver, platinum, or bitcoin.”

What Lies Behind RFK’S Vision of Backing Bitcoin With the US Dollar?

Emphasizing the significance of citizen privacy and promoting growth in the USA, Kennedy announced that his administration would exempt the conversion of Bitcoin to the US dollar from capital gains taxes. He elaborated, “Non-taxable events are unreportable, and that means it will be more difficult for governments to weaponize currency against free speech.”

Additionally, he mentioned that he was inspired by his uncle, President John F. Kennedy, stating, “He understood the relationship between fiat currency and war, fiat currency and… disparities in wealth.” He expressed his preference for base currencies that necessitate public oversight and prevent the unchecked financing of wars through inflation.

Moreover, Kennedy’s proposal to gradually back the US dollar reflects his worries regarding the nation’s escalating debt. He believes that through his vision, he could effectively transform America into the global hub for cryptocurrencies.

Kennedy’s Bitcoin Support, Trustable?

Reaffirming his commitments from the Bitcoin 2023 conference, Kennedy stressed that Bitcoin should not be classified as a security. He then pledged to terminate the current administration’s policies related to Choke Point 2.0, which penalizes banks engaging with Bitcoin.

Furthermore, RFK’s recent assertion of “Backing Bitcoin with the US Dollar” raises concerns about a potentially unreliable situation, given the historical actions of US government officials regarding crypto. This is compounded by the controversy surrounding his earlier denial of being a Bitcoin investor.

At the same time, Bitcoin-oriented policies indicate a possible shift in political perspectives toward cryptocurrency. The post-election period will reveal the reality.

Additionally, there is minimal impact on BTC, which is down by 0.02% with a price of $30,058.

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