Democratic presidential candidate Robert F. Kennedy Jr. has proposed backing the U.S. dollar with Bitcoin. Speaking just yesterday at a meeting of a political action committee (PAC) dedicated to helping him win the presidency, Kennedy said that backing the dollar with Bitcoin could help to stabilize the economy.
"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. He next explained that he would start backing the dollar with Bitcoin gradually, and that the amount of Bitcoin used would be subject to ongoing review.
Kennedy also proposed to exempt conversions from Bitcoin into the U.S. dollar from capital gains taxes, as he believes that course of action will spur investment in Bitcoin and the Bitcoin space, and will incentivize Bitcoin businesses to grow in the United States rather than in countries with more friendly Bitcoin policies.
It remains to be seen whether Kennedy will follow through on the proposals if he is elected president, or if he could even pass them through the U.S. bureaucracy. However, his comments suggest that he is a strong supporter of Bitcoin and that he believes that it will play a major role in the future of the economy, assuming he can put his plan into action.
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