Presidential candidate Robert F. Kennedy Jr., speaking at a PAC Bridging Divide event on July 19, pledged to gradually back the US dollar with what he calls "hard currencies," including gold, silver, platinum, or bitcoin if he is elected president. According to Kennedy, this move could help re-stabilize the US economy by restoring the dollar's strength, curbing inflation, and fostering financial stability and prosperity in the country. He emphasized that the process of backing the dollar with hard assets would be gradual, and the am ount of support in dollars would be adjusted based on the program's success.
Kennedy's plan proposes starting small, with approximately 1% of T-bills issued being backed by hard money, such as gold, silver, platinum, or bitcoin. Additionally, he announced his intention to make the conversion of bitcoin to USD exempt from capital gains tax. This exemption is aimed at encouraging investment and incentivizing businesses to expand their operations in the United States instead of seeking crypto-friendly jurisdictions abroad, such as Singapore or Switzerland. Kennedy's recent pro-bitcoin statements came After he attended the Bitcoin 2023 conference in Miami on May 19, where he announced his willingness to accept bitcoin for political campaign donations.
Investment disclosures on July 9 revealed that Kennedy held bitcoin assets worth as much as $250,000, despite previous statements denying any ownership of the digital asset. Kennedy is among several presidential candidates expressing commitments and opinions s on cryptocurrencies. On July 14, Republican candidate and Florida Governor Ron DeSantis pledged to ban central bank digital currencies if elected, firmly asserting that such currencies would not be implemented in the United States under his presidency.
