To sum things up

• US Official competitor RFK Jr. proposes an arrangement to back the dollar with Bitcoin, beginning with 1% of given T-bills.
• RFK Jr. genuinely thinks that support dollars with hard resources could reestablish solidarity to the dollar and usher in monetary steadiness.
• Kennedy acknowledges Bitcoin for crusade gifts and uncovered his family has put somewhere in the range of $100,001 and $250,000 in BTC.

American Official competitor Robert F. Kennedy Jr. has thought of a strong arrangement to utilize Bitcoin to back U.S. dollars. Additionally, Kennedy would like to exempt Bitcoin profits from capital gains taxes.

Talking at a PAC occasion on July 18, the Majority rule Official Competitor framed explicit Bitcoin-centered strategies that he would institute as president.

Bitcoin Backed Dollars

RFK Jr. described his vision for returning to a hard currency standard in the US, stating:

“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,”

As per reports, the official applicant said he would increment allotment relying upon the result of the underlying step.

According to Kennedy Jr., base currencies are preferred over fiat currency because they “make it more difficult.” Fiat currency “was invented to fund wars.”

“You can’t simply print cash to finance the conflict and expense general society through the secret duty of expansion,” he added.

As per the Watson Foundation, the gauge of U.S. post-9/11 conflict spending somewhere in the range of 2001 and 2022 is $8 trillion.

RFK Jr. refered to a few benefits to support dollars with hard resources:

“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,”

He added that advantages incorporate working with development, prodding speculations, and guaranteeing resident security. Moreover, he said it could boost dares to develop their business and tech occupations in the US as opposed to in Singapore, Switzerland, Germany, and Portugal.

Former President John F. Kennedy, RFK Junior’s uncle, was aware of the significance of hard currency and the dangers of using only fiat currency when there was no other option,

“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.”

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Pro-Crypto Presidential Candidate

RFK Jr., who acknowledges BTC crusade gifts, vowed an “sacred right” to hold and utilize Bitcoin. The remarks were made as he began his campaign in May at a Bitcoin conference in Miami. In June, Twitter co-founder Jack Dorsey declared his support for RFK Jr. by tweeting that he was supporting the Democrat.

In a recent financial disclosure filed on June 30, Kennedy revealed that his family had invested between $100,001 and $250,000 in BTC.