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RFK Jr. favors slowly returning U.S. to hard currency standard
RFK Jr. Announces Plan to Back Dollar With Bitcoin, End Bitcoin Taxes
From Bitcoin Magazine, Nashville, Tennessee
via TheStreet.com, New York
Tuesday, July 18, 2023
Speaking at a Heal-the-Divide Political Action Committee event, Democratic presidential candidate Robert F. Kennedy Jr. outlined specific Bitcoin-focused policies that he would enact as president, including gradually backing the U.S. dollar with bitcoin and making bitcoin profits exempt from capital gains taxes.
"My plan 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," Kennedy said, describing his vision for returning to a hard currency standard in the United States.
He added that, depending on the outcome of that initial step, he would increase that allocation annually.
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This potential policy reimagines the financial system, pointing to a future where Bitcoin's absolute scarcity and sound monetary principles reinforce the U.S. dollar's eroding position as the world reserve currency.
"Backing dollars and U.S. debt obligations with hard assets could help restore strength to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity," he declared.
In addition, Kennedy announced his administration "will exempt the conversion of bitcoin to the U.S. dollar from capital gains taxes." ...
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