RFK Jr.announces his plan to back the US dollar with Bitcoin and end bitcoin capital gains taxes

On July 19, 2023, Robert F. Kennedy Jr., a Democratic presidential candidate, announced his intention to back the U.S. dollar with Bitcoin and other “real finite assets” such as gold, silver, and platinum.
 

Kennedy’s proposal was not just a mere suggestion but a detailed policy plan. He articulated that if elected, he would initiate the process by backing a very small percentage, “perhaps 1% of issued T-bills,” with hard currencies including Bitcoin. This move was aimed at restoring strength to the dollar, reining in inflation, and ushering in a new era of American financial stability, peace, and prosperity.

In addition to this, Kennedy also proposed to exempt Bitcoin from capital gains tax when converted into U.S. dollars. This policy was designed to facilitate innovation, spur investment, ensure citizen privacy, and incentivize ventures to grow their business and tech jobs in the United States.
 

His stance on Bitcoin was clear: it was an integral part of his vision for governing a free and equal country, aligning with the ideals of his uncle, President John F. Kennedy.

The plan announced also included a proposal to exempt Bitcoin from capital gains tax when it is converted into U.S. dollars. The exemption from capital gains tax would make Bitcoin transactions more attractive and could potentially lead to increased use and adoption of Bitcoin in the U.S. economy.