Longshot 2024 presidential candidate Robert F. Kennedy Jr. wants to back the U.S. dollar with Bitcoin and gold.
Kennedy announced his latest public policy proposal that tackles fiat money.
He proposed beginning his initiative by backing hard currency with gold, silver, platinum, or Bitcoin, with the idea being to strengthen the greenback and fight inflation.
“My plan would be to start very, very small, perhaps one percent of issued T-bills would be backed by hard currency, by gold, silver, platinum, or Bitcoin,” he recently stated.
“Backing dollars and U.S. 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.”
RFK Jr. also proposed exempting the conversion of Bitcoin to the U.S. dollar from capital gains taxes.
“The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany, and Portugal,” he added. “Non-taxable events are unreportable, and that means it will be more difficult for governments to weaponize currency against free speech, which as many of you know, is one of my principal objectives.”
Two things on this.
First, he has zero shot of winning the Democratic nomination, let alone the presidency. So, these are moot proponents.
Second, any time somebody suggests backing the dollar with something should be commended. However, it is impossible considering how much debt the U.S. maintains and how many dollars are traveling throughout the global financial markets.
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