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US Democratic presidential candidate Robert F. Kennedy Jr. has said he is in favor of tax exemption for Bitcoin (BTC), while also revealing plans to back a portion of the U.S. dollar with a “finite real asset” like Bitcoin.
“Like Singapore, Germany, Switzerland, Puerto Rico and Portugal, the Kennedy administration will exempt the conversion of Bitcoin into US dollars from capital gains tax,” Kennedy said.
He believes there are drawbacks to allowing bitcoin holders to convert their coins tax-free into fiat currency, but explained that the benefits of such a policy would outweigh the drawbacks.
“Benefits include fostering innovation and encouraging investment, ensuring citizen privacy, and encouraging venture companies to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany or Portugal,” said a Democratic outsider.
back the dollar with bitcoin
The presidential candidate and nephew of former U.S. President John F. Kennedy also said he supports backing the U.S. dollar and U.S. Treasury bills with physical assets such as Bitcoin.
“The Kennedy administration will back the U.S. dollar with finite real assets such as gold, silver, platinum and bitcoin,” President Kennedy said in June. poll He said he received better ratings than both Biden and Trump.
He went on to specifically call Bitcoin “the most liquid asset in the world.”
The candidate said he would start “very small” with around 1% support for Treasury Bills, which include assets such as gold, silver, platinum and bitcoin.
“Depending on the results, the amount will increase every year,” he added.
“Backing the dollar and U.S. debt with real assets could restore dollar strength, keep inflation in check, and usher in a new era of financial stability, peace, and prosperity in the United States,” Kennedy said.
Pro Bitcoin Presidential Candidate
Robert F. Kennedy has previously been identified as a bitcoin holder, with financial documents from June showing him holding between $100,000 and $250,000 worth of bitcoin in a brokerage account.
He has spoken favorably about Bitcoin in the past, calling it a “bulwark against totalitarianism and manipulation of the money supply.”