July 19, 2023

US Presidential Candidate Kennedy To Back USD with Bitcoin If Elected

Robert Kennedy Jr

Robert Kennedy Jr

Again the US Democratic presidential candidate Robert F. Kennedy Jr. stirs controversy after he announced backing the USD dollar with Bitcoin.

Delivering a speech at the Heal-the-Divide PAC event, Kennedy said in case of being elected as the president of the United States, he would back the USD Dollar with hard currency such as gold or silver or platinum, or Bitcoin, believing that would help in stabilizing the crypto US economy, according to Cointelegraph.

“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 noted during the event.

The presidential candidate elaborated that his plan would be gradual and depends on its success, explaining that 1% of issued T-bills would probably be backed by hard currency, gold, silver, platinum, or Bitcoin.

In a sign of his great support for BTC, he pointed out that Bitcoin to US dollar conversions would be exempted from capital gains taxes to lure investment and incentivize ventures to boost their crypto investments in the US instead of crypto-friendly countries.

Earlier this month, Kennedy claimed during the Miami BTC conference that he is not a crypto investor, however, he announced he can accept donations in Bitcoin for his presidential campaign. But a financial disclosure report obtained by CNBC found that Kennedy possessed BTC worth $100,001 and $250,000 by the end of June. The record does not indicate who purchased the asset, although the candidate’s campaign acknowledged it was Kennedy Jr.

Kennedy Jr. is the son of former Attorney General and Senator Robert F. Kennedy, as well as the nephew of the 35th President of the US, John F. Kennedy. His support comes at a crucial time for the American crypto industry, with the Securities and Exchange Commission cracking down on crypto businesses in the absence of a proper regulatory framework for digital assets in the United States.

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