Kennedy Jr. believes that the US dollar backed with "hard currency" could bring "financial stability, peace, and prosperity" to the US.
Robert F. Kennedy Jr., a Democratic contender for the presidency, pledged to back the US dollar with Bitcoin (BTC) if his presidential bid is successful.
At a Heal-the-Divide PAC event on July 19th, Kennedy stated his belief that supporting the US dollar with "hard currency," such as gold, silver, platinum, or Bitcoin, could bring benefits.
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During his address at the event, Kennedy Jr. claimed that such a backing could help move the US into "financial stability, peace, and prosperity."
Backing dollars and US debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity.
He further detailed that the implementation would be slow, with the degree of dollar backing being adjusted based on the success of the plan.
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 also voiced his intention to exempt conversions between Bitcoin and the US dollar from capital gains taxes. This proposal, he believes, would stimulate investment and encourage enterprises to expand their operations in the US, rather than seeking approval from crypto-friendly jurisdictions like Singapore or Switzerland.
Kennedy's support for Bitcoin comes on the heels of his participation in the Bitcoin 2023 conference in Miami on May 19th, where he announced his willingness to accept political campaign contributions in Bitcoin.
Interestingly, despite his previous denials of owning any Bitcoin, investment disclosures revealed that Kennedy owes up to $250,000 in Bitcoin.
Notably, Kennedy isn't the only presidential candidate to offer substantial crypto-centric promises. On July 14th, Florida Governor and Republican presidential candidate Ron DeSantis pledged to prohibit central bank digital currencies if he is elected president, asserting:
If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country.
Kennedy's proposed use of Bitcoin to back the US dollar and other such crypto-based promises by presidential candidates signify the increasing significance of cryptocurrencies in the political and financial landscape.
