In a bold move that could reshape the financial system, Presidential candidate Robert F. Kennedy Jr. proposes a return to a hard currency standard in the US, with the backing of assets such as gold, silver, platinum or bitcoin.
"My plan would be to start very, very small, perhaps 1 per cent of issued T-bills would be backed by hard currency," Kennedy explained, outlining his vision for strengthening the US dollar.
Kennedy further stated that depending on the success of this initial step, the allocation of hard assets would be increased annually.
This potential policy envisions a future where bitcoin's scarcity and sound monetary principles reinforce the diminishing position of the US dollar as the world reserve currency.
"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," Kennedy declared.
Additionally, Kennedy announced that his administration would exempt the conversion of bitcoin to the US dollar from capital gains taxes. He highlighted the benefits of this exemption, including fostering innovation, spurring investment, protecting citizen privacy and incentivising domestic growth of businesses and tech jobs.
Kennedy said that non-taxable events would make it more challenging for governments to weaponise currency against free speech, aligning with one of his principal objectives. "It will be more difficult for governments to manipulate currency in a way that suppresses free speech," he stated.
During his announcement, Kennedy reaffirmed the commitments he made to promote bitcoin adoption during the Bitcoin 2023 conference in May. These commitments included defending the right to self-custody of bitcoin, upholding the right to run a node at home, and advocating for industry-neutral regulation of energy.
He connected his support for bitcoin to the ideals of his uncle, President John F. Kennedy, and his own vision for governing a free and equitable country. He highlighted President Kennedy's understanding of the importance of hard currency and the risks associated with a purely fiat currency system.
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