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Democratic Presidential Candidate Wants to Back USD with BTC and Slash Bitcoin Taxes

Democratic candidate Robert F. Kennedy Jr. proposes backing USD with Bitcoin and tax cuts for cryptocurrency, aiming to foster financial stability and crypto adoption in the US.

Fostering Crypto Adoption and Financial Stability in the Country

Democratic Presidential Candidate Robert F. Kennedy Jr. has unveiled a bold economic plan that could revolutionize the United States financial landscape. In a recent speech at a Heal-the-Divide PAC event on July 19, Kennedy outlined his vision of backing the USD with Bitcoin and implementing tax reforms for the cryptocurrency.

Kennedy's first major proposal is to gradually back the U.S. dollar with Bitcoin and other hard assets like gold, silver, and platinum. He believes this move could bolster the dollar's strength, curb inflation, and usher in a new era of financial stability for the country. 

“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 stated. 

Though starting small, with only 1% of issued T-bills backed by hard currency or Bitcoin, Kennedy envisions a gradual shift towards a more secure and sustainable financial system.

The candidate's second proposal will resonate with the crypto community and investors alike. He aims to exempt Bitcoin profits from capital gains taxes, a move intended to incentivize investment and foster growth in the U.S. business landscape. By providing this tax relief, Kennedy hopes to attract ventures to set up shop within the country rather than seeking more crypto-friendly jurisdictions abroad.

Strong Support For Bitcoin 

Kennedy's enthusiasm for Bitcoin is not new. During the Bitcoin 2023 conference in Miami, he made headlines by announcing that he would accept political campaign donations in Bitcoin, showcasing his commitment to embracing the digital currency.

Surprisingly, recent investment disclosures have revealed that Kennedy himself owns up to $250,000 worth of Bitcoin. This comes as a surprise since he had previously denied having any exposure to the asset.

With these progressive and pro-Bitcoin policies, Robert F. Kennedy Jr. is positioning himself as a champion for cryptocurrency adoption in the United States. As the 2024 presidential race intensifies, his stance on Bitcoin may well attract a growing number of supporters and investors looking for a candidate with a fresh and forward-thinking economic vision.

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