US Democratic presidential candidate: Plans to support the US dollar with Bitcoin, tax-free Bitcoin to USD conversion!

Democratic presidential primary candidate Robert F. Kennedy Jr., nephew of former U.S. President Kennedy and a current supporter of Bitcoin, recently announced at an event his plan to gradually implement a scheme where Bitcoin would support the U.S. dollar if elected, and to exempt Bitcoin profits from capital gains tax. However, controversy arose last week when his financial disclosure related to Bitcoin assets sparked a debate.

Kennedy Proposes Specific Bitcoin Policies

According to CoinTelegraph's report, Kennedy, on July 19th, spoke at a reconciliatory event hosted by the Political Action Committee (PAC), further emphasizing and specifying his post-election policies related to Bitcoin.

Reserve Asset Allocation Expected to Begin on a Small Scale

Kennedy believes that supporting the US dollar with reserve assets such as gold, silver, or Bitcoin, can alleviate inflation issues, assist in financial stability, and help revitalize the US economy.

He plans to phase in the allocation of reserves, starting with only 1% of national debt being backed by hard assets, with adjustments to follow based on circumstances, and increased appropriations annually.

He explains:

The absolute scarcity of Bitcoin and its sound, unchangeable monetary mechanism will strengthen and stabilize the US dollar as the world's reserve currency.

Bitcoin-to-Dollar Exchange Tax Exempt

Kennedy also stated that he would amend the law to exempt transactions converting Bitcoin to dollars from capital gains tax. He claims that this move will promote investment, retain technology funds and talent in the US, rather than flowing to crypto-friendly regions like Singapore or Switzerland.

He also added to his stance mentioned at the 2023 Miami Bitcoin Conference:

I will defend the right to personally hold Bitcoin, the freedom of capital utilization is as important as freedom of speech, and this is one of my main goals.

Will Terminate Choke Point 2.0's Suppression of the Crypto Industry

Kennedy emphasizes that Bitcoin is not a security and does not require regulation. He also stated that he will end the current Biden-era Choke Point 2.0's oppression of crypto companies, which indirectly reduces resources entering the market and weakens the crypto industry.

Bringing up Bitcoin: Support or Hype?

Kennedy has made numerous promises on cryptocurrency-related issues in this election, but when it comes to asset disclosure, he may not have been as forthcoming.

Previously, Kennedy claimed at the May Bitcoin conference that he did not own any Bitcoin, but media reports using documents contradicted this, showing that his family held around $100-250,000 worth of Bitcoin at the time.

While Kennedy's campaign team initially cited a timing reporting error, they later claimed his wife held the assets. The inconsistent internal statements leave the true situation unknown.