• Robert F. Kennedy Jr., presidential candidate for the 2024 election, has proposed exempting Bitcoin from capital gains tax and to back the US Dollar with Bitcoin.
• He believes this policy will facilitate innovation, spur investment, incentivize business growth and protect citizens’ privacy.
• Kennedy also wants to use gold, silver, platinum and Bitcoin as finite assets to strengthen the US dollar.
Robert Kennedy Proposes To Back The Dollar With Bitcoin
Democratic presidential candidate Robert F. Kennedy Jr has announced plans to exempt conversions of Bitcoin (BTC) to U.S Dollars from capital gains tax if he is elected in November 2024 election. He believes that this policy will bring numerous benefits such as promoting innovation, spurring investment, ensuring citizen privacy and incentivizing ventures to grow their business in the United States rather than other countries like Singapore, Switzerland, Germany and Portugal.
Removing Taxes On Crypto Assets Will Protect Civil Liberties
Kennedy says that non-taxable events are unreportable which makes it more difficult for governments to weaponize currency against free speech; an objective of his administration when elected president of the United States. This idea is similar to the Clinton administration’s policy that exempted e-commerce from taxes which has been a major contributing factor towards Silicon Valley’s success today.
Back The Dollar With Finite Assets
Kennedy plans on using not just Bitcoin but also gold, silver, platinum and other finite assets to back up the US dollar in order ensure its continued success as a world reserve currency including US Treasury Bills notes and bonds.
Benefits Of Exempting BTC From Capital Gains Tax
The proposal would bring several benefits including facilitating innovation and spurring investments as well as protecting civil liberties by making it more difficult for governments to weaponize currency against free speech. It would also incentivize businesses to grow their business in the United States rather than other countries like Singapore or Switzerland by removing taxes on crypto assets such as bitcoin conversion into dollars from capital gains tax .
Similar To Clinton Administration’s Policy For E-Commerce Tax Exemption
The idea is similar to The Clinton administration’s policy which exempted e-commerce from taxes resulting in Silicon Valley’s success today; a move that Kennedy himself hopes will be replicated with cryptocurrencies like bitcoin if elected president of The United States in November 2024 election .