U.S. President Candidate Pledges to Back the Dollar with Bitcoin and Advocate Tax Exemption for BTC

• Robert Kennedy’s public endorsement of Bitcoin and his proposal for related tax exemptions align with his previous remarks during his campaign. 
• Besides addressing energy concerns, Kennedy defended Bitcoin and cryptocurrencies against accusations of criminal use.

Robert F. Kennedy Jr. announced that if he won the next election and became the president of the United States, he would support the US dollar with Bitcoin (BTC). The Democratic candidate shared his views on balancing the American economy during the Heal-the-Divide PAC event.

As reported earlier by Crypto News Flash, Kennedy believes incorporating “hard assets,” such as Bitcoin, would be beneficial. The aspiring president proposes a gradual approach, intending to back 1 perceny of all issued Treasury bills using assets like Bitcoin, platinum, silver, or gold.

As part of his presidential agenda for Bitcoin, Kennedy also proposed the introduction of tax exemptions. According to his plan, any conversions of Bitcoin to the US dollar would not be subject to capital gains taxes. He believes implementing this measure would incentivize investors to retain their investments and related businesses within the US instead of relocating them to crypto-friendly countries like Switzerland.

Pro-Bitcoin Regulations Unveiled

Robert Kennedy’s public endorsement of Bitcoin and his proposal for related tax exemptions align with his previous remarks during his campaign. At the Bitcoin 2023 conference in Miami, the presidential candidate expressed his willingness to accept Bitcoin donations. 

During his speech at the conference, Kennedy emphasized the connection between Bitcoin, democracy, and freedom, highlighting the cryptocurrency’s strength, durability, and adaptability. He likely attended the conference to appeal to the crypto community, and now, he is unveiling pro-Bitcoin regulations to further engage with the community.

On May 3, Kennedy took to Twitter to criticize the US government’s anti-crypto stance. According to him, considering Bitcoin and digital assets as a “major innovation engine,” the government’s position could hinder the industry’s growth and potentially drive innovation to other regions.

Yes, energy use is a concern (though somewhat overstated), but bitcoin mining uses about the same as video games and no one is calling for a ban on those. The environmental argument is a selective pretext to suppress anything that threatens elite power structures. Bitcoin, for…

>> Buy Bitcoin quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<

 

— Robert F. Kennedy Jr (@RobertKennedyJr) May 3, 2023

Kennedy’s Defense of Bitcoin and Cryptocurrencies

In addition, Kennedy directly addressed the previously suggested 30 percent tax on crypto mining, which was subsequently put on hold. While acknowledging the energy-related issues associated with Bitcoin mining, he believes that the concerns regarding energy consumption might be exaggerated. 

 The presidential candidate further argued that it is unjust to hinder the crypto industry solely based on energy usage, pointing out that “Bitcoin mining uses about the same as video games.” According to him, the real motivation behind targeting the crypto sector is because it “threatens elite power structures.”

Besides addressing energy concerns, Kennedy defended Bitcoin and cryptocurrencies against accusations of criminal use. While acknowledging that criminals may exploit crypto for illicit transactions, he argued that ordinary citizens and dissidents value privacy. Cryptocurrencies make it challenging for the government to punish dissidents by freezing their bank accounts and other payment platforms.

In a May interview, Kennedy criticized the United States Securities and Exchange Commission (SEC) for its actions against the crypto industry. He voiced concerns that the SEC now prioritizes protecting banks instead of fulfilling its original purpose of safeguarding Americans. Kennedy suggested that the SEC should only comprise impartial and pro-crypto individuals, without any anti-crypto officials as members.

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