In a daring strategy that has the potential to reshape America's financial terrain, Democratic Presidential Candidate Robert F. Kennedy Jr. has put forth an audacious plan to back the U.S. dollar with Bitcoin. This proposal, unveiled at a recent Heal-the-Divide PAC event, forms part of Kennedy's broader vision to restore financial stability and strength to the U.S. economy.
Kennedy's approach entails a steady shift towards supporting a segment of the U.S. debt obligations with hard assets, including BTC and precious metals. "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" he said. He also believes that this strategy could revitalize the power of the dollar, manage inflation, and herald a new period of national prosperity.
Kennedy's commitment to Bitcoin adoption is unwavering. He has previously expressed support for the right to self-custody of BTC and the right to run a personal node at home. He also advocates for industry-neutral regulation of energy to ensure a balanced and sustainable ecosystem.
In an era where fiat currencies are frequently used to fund wars without clear taxation or public consent, Kennedy views Bitcoin and other base currencies as a means to curb such practices. "You can't just print money to fund the war and tax the public through the hidden tax of inflation. You actually have to go to the public and say, 'Here’s what this war is going to cost'," he said.
Kennedy has also pledged to put an end to the current Biden administration's policies that penalize banks dealing with BTC through Choke Point 2.0, a theory first introduced by venture capitalist and crypto advocate Nic Carter, who alleged that financial regulators are engaged in a coordinated effort to cut cryptocurrencies from the banking system. Furthermore, Kennedy believes that Bitcoin is not a security and should not be regulated as such.
But the Bitcoin revolution doesn't stop there. Kennedy also plans to eliminate capital gains taxes on BTC earnings. This move, he argues, would stimulate innovation and investment, protect citizen privacy, and encourage businesses to grow within the United States rather than seeking opportunities abroad.
