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Robert F. Kennedy Jr., Democratic Presidential Candidate, supported by many influential figures in the crypto space including Jack Dorsey, has dropped a bombshell at a recent Heal-the-Divide PAC event. He has detailed his Bitcoin-centric strategy, a plan that would change the face of U.S. monetary policy.
“My plan,” Kennedy explained, “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.” His intention to introduce Bitcoin as a backing for the U.S. dollar marks a transformative departure from the conventional monetary practices.
Non-taxable events are unreportable and that means it will be more difficult for governments to weaponize currency against free speech, which as many of you know, is one of my principal objectives.
Kennedy’s conviction lies in the potential of base currencies, which he describes as a deterrent to the unchecked printing of money. He stated, “Fiat currency was invented to fund wars. I like base currencies because they make it more difficult… You can’t just print money to fund the war and tax the public through the hidden tax of inflation.”
A staunch advocate for innovation, privacy, and economic growth, Kennedy believes his plan will usher in a new era. He said, “The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the U.S.”
Kennedy proposes a respite from capital gains tax for Bitcoin earnings, “Non-taxable events are unreportable and that means it will be more difficult for governments to weaponize currency against free speech, which as many of you know, is one of my principal objectives.”
Earlier, at the Bitcoin 2023 conference, Kennedy had already announced several commitments to boost Bitcoin adoption. He had pledged to “defend the right of self-custody of Bitcoin,” uphold “the right to run a node at home,” and support “industry-neutral regulation of energy.”
In June, RFK doubled down on this promise and said on Twitter that “As president, I will make sure that your right to use and hold Bitcoin is inviolable.”
My uncle, President Kennedy, understood the importance of hard currency and the dangers of having pure fiat currency with no other option
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Kennedy’s proposed strategies come in the face of a steady growth rate of 6.5% in national debt over the past decade. His proposal for the U.S. Treasury to acquire assets like Bitcoin is meant to provide an insurance policy against the country’s swelling debt.
Drawing from the wisdom of his uncle, Kennedy said, “My uncle, President Kennedy, understood the importance of hard currency and the dangers of having pure fiat currency with no other option. He understood the relationship between fiat currency and war, destructive environmental projects, and also these giant aggregations of wealth and the unbalance, the disparities in wealth that are the ultimate yield of every fiat currency.”
Kennedy’s Bitcoin-centric strategy, if implemented, could have a profound impact on U.S. monetary policy, potentially curbing the increasing national debt, fostering innovation, and safeguarding individual rights. It’s an exciting proposition to see Bitcoin and other hard currencies take center stage in this upcoming election.