US Democratic presidential candidate Robert F. Kennedy Jr. has said he is in favor of a Bitcoin (BTC) tax break, while revealing a plan to partially back the US dollar with “real and finite assets” like Bitcoin.
“Like Singapore, Germany, Switzerland, Puerto Rico and Portugal, the Kennedy administration will exempt the conversion of Bitcoin to the US dollar from capital gains taxes,” Kennedy said.
He explained that while he believes there are downsides to allowing Bitcoin holders to convert their coins into fiat tax-free, the advantages of such a policy would outweigh the disadvantages.
“The benefits include facilitating innovation and stimulating investment, ensuring citizen privacy, incentivizing companies to grow their tech businesses and jobs in the United States rather than in Singapore, Switzerland, Germany and Portugal,” the Democratic Party outsider said.
Backing the dollar with Bitcoin
The presidential candidate and nephew of former US President John F. Kennedy further said he would support backing the US dollar and US Treasury bills with tangible assets, such as Bitcoin.
“A Kennedy administration will begin to back the US dollar with real and finite assets, such as gold, silver, platinum and Bitcoin,” said Kennedy, who in June survey he received a higher favorability rating than Biden and Trump, he said.
He went on to call Bitcoin specifically “the hardest liquid asset in the world.”
The candidate said he would start “very, very small”, with around 1% backing for Treasury bills with assets like gold, silver, platinum or Bitcoin.
“Depending on the result, we would increase that annually,” he added.
“Backing dollars and US debt obligations with tangible assets could help restore the dollar’s strength, control inflation 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 revealed as a Bitcoin holder, with financial documents from June showing he has between $100,001 and $250,000 worth of BTC in a brokerage account.
He has also spoken favorably about Bitcoin in the past, calling it a “bulwark against totalitarianism and the manipulation of our money supply.”
