The Democratic presidential candidate Robert Kennedy Jr. has put up two bold proposals regarding Bitcoin (BTC) as part of his vision for his eventual administration. At the “Heal-the-Divide” PAC event, Kennedy announced plans to exempt BTC owners from capital gains tax. He also proposed backing the US dollar and Treasury Bills with hard currencies, including BTC.
Kennedy acknowledges that the first idea will benefit affluent Bitcoin investors by eliminating capital gains tax when Bitcoin is converted into U.S. dollars. Nevertheless, he thinks this policy’s benefits outweigh its disadvantages. He views it as a tactical move against nations that are supporting cryptocurrencies, such as Switzerland, Singapore, Germany, and Portugal. Kennedy claims that the tax exemption legislation will encourage investment, protect citizen privacy, and draw top talent to the US. He is adamant about making America the top location for cryptocurrencies, especially Bitcoin.
Kennedy also claims that Bitcoin’s exemption from capital gains tax will make it harder for governments to “weaponize currency against free speech.” H aims to erect significant obstacles that will prevent the widespread use of Central Bank Digital Currencies (CBDCs).
Kennedy Daring Vision: Controversial Bitcoin Policies and Divisive Opinions
Kennedy does hold other divisive opinions, though, such as his position on cryptocurrencies. He made contentious claims about the 2004 election, alleging voter fraud. He also linked prescription drugs to mass shootings in the U.S. Kennedy faced criticism for stating Ashkenazi Jews and Chinese are most immune to COVID-19. He claimed it primarily affects Caucasians and Black people. These allegations have been rejected by the White House as “vile” and “false.”
Kennedy’s second Bitcoin plan involves using hard assets like gold, silver, platinum, and Bitcoin to back the US dollar and Treasury bills. Initially, Kennedy plans to invest 1% of t-bills in a mix of assets. He considers Bitcoin the world’s most difficult asset.
Kennedy has also voiced worries about inflation and the Federal Reserve’s plan to raise interest rates, which he thinks unfairly affects low-income people. These worries are in addition to his Bitcoin ideas. He demands “sensible regulation” and that regulatory bodies acknowledge Bitcoin as a non-security.
15% of those who responded to a recent Emerson College study said they planned to support Kennedy in the primary, demonstrating that his vision has drawn both praise and criticism. In the months running up to the election, the 68-year-old politician’s proposals will likely generate more discussion and criticism.