Kennedy Administration Plans to Back US Dollar With Bitcoin
The Kennedy Administration, led by presidential candidate Robert F. Kennedy Jr., has announced plans to support and strengthen the U.S. dollar by backing it with real assets, including bitcoin. Kennedy outlined his vision during a speech at a Heal-the-Divide event, emphasizing the need to make America a global hub for cryptocurrency and incentivize investment in green energy. Here are the key points:
- The administration aims to make America the global leader in cryptocurrency, specifically bitcoin, attracting investment, innovation, and engineering talent.
- They plan to put an end to current policies that punish banks for dealing in bitcoin and implement strong barriers against central bank digital currencies.
- The U.S. dollar will be backed by real assets such as gold, silver, platinum, and bitcoin, ensuring its continued success as the world’s reserve currency.
- A small percentage of U.S. Treasury bills would initially be backed by hard currency, with the possibility of increasing this annually.
- The Kennedy Administration will exempt the conversion of bitcoin to U.S. dollars from capital gains taxes, following the examples of Singapore, Germany, Switzerland, Puerto Rico, and Portugal.
Hot Take
The Kennedy Administration’s plans to back the U.S. dollar with bitcoin and exempt capital gains taxes on its conversion demonstrate a forward-thinking approach to cryptocurrency. By incentivizing investment, innovation, and privacy, they aim to position America as a global leader in the crypto space. This bold move could have significant implications for the future of both the U.S. dollar and bitcoin, creating new opportunities for economic growth and technological advancement.
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