The US presidential candidate from the Democratic party – Robert F. Kennedy – vowed to strengthen America’s official currency by backing it with bitcoin, gold, silver, and platinum.
Several finance experts, such as Robert Kiyosaki, have predicted a gloomy future for the dollar, advising consumers to invest in the primary cryptocurrency or precious metals.
Kennedy’s Next Plan Involving Bitcoin
Robert F. Kennedy – the nephew of the former US President John F. Kennedy – has presented himself as one of the most passionate advocates of bitcoin. The 69-year-old environmental lawyer has also positioned the leading digital asset at the center of his presidential campaign.
In a recent appearanceat the Heal-the-Divide PAC, he vowed to back the American dollar with “real finite assets,” including bitcoin and certain precious metals should he become the 47th President of the States. In his view, the move will guarantee the strength of the greenback and its “continuous success” as the world’s reserve currency.
Kennedy explained that such potential backing would include US treasury bills, notes, and bonds as his cabinet will act quite carefully at first:
“My plan would be to start very, very small: perhaps 1% of issued T-bills would be backed by hard currency: by gold, silver, platinum, or bitcoin, and then depending on the outcome, we would increase that annually.”
Robert Kennedy Jr. Source: People
The presidential candidate outlined the worrying economic condition of the United States caused by the global COVID-19 pandemic, the increasing interest rates by the Federal Reserve, and the subsequent inflation. Kennedy believes backing treasury bills with bitcoin could strengthen the value of those short-term securities and thus support local businesses.
This is not the first time Kennedy has fired shots at the US central bank. He suggested in April that the institution had collaborated with numerous banks between 2008-2022 to print a colossal amount of money. He also claimed BTC could serve as an “escape route” amid the consecutive turbulence.
Making America a Global Crypto Hub
Kennedy, a BTC HODLer with up to $250,000 worth of the asset, has pledged that one mission of his administration would be to turn the United States into a global cryptocurrency center.
He believes employing renewable energy in bitcoin mining, and the multiple initiatives surrounding the biggest crypto asset could attract investors and entrepreneurs.
The Democrat claimed his cabinet will make sure to recognize BTC as “not a security” and create “strong barriers” against the issuance of central bank digital currencies (CBDCs).
Subsequently, he assured he would “exempt the conversion of bitcoin to the US dollar from capital gains taxes.”
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