Robert F. Kennedy Jr. who is a participant in the current US election race has made an ambitious promise to back the national currency with Bitcoin if he ends up being elected. The Democratic representative believes that supporting the dollar with “hard currency” like gold, silver, platinum or Bitcoin can stabilize the American economy .
Gradual Implementation and Tax Exemptions
Kennedy underlines that integrating Bitcoin support would happen gradually . Starting with a minimal number, such as 1% of issued Treasury papers, the degree of support might be modified based on success . Also he suggests exempting Bitcoin transaction revenues from capital gains tax in order to promote investment and company growth in the United States.
Promoting Financial Freedom and Regulation
The presidential frontrunner has made a point of expressing his support for Bitcoin and the confidential nature of transactions. He wants to provide a straightforward regulatory framework with strict oversight to stop money laundering while enabling people to control their wallets, nodes and passwords . According to Kennedy establishing a supportive regulatory environment will promote innovation and guard against a financial catastrophe .
Acknowledging the Importance of Digital Assets in Elections
The idea put out by Kennedy is in line with the rising acceptance of digital resources in the context of US elections. If he gets elected his Republican opponent Florida Governor Ron DeSantis said he would support protecting the cryptocurrency first. Industry leaders like Coinbase CEO Brian Armstrong have put emphasis on the need for transparency and supervision as the forthcoming US elections have been highlighted as a turning point for the regulation of digital assets .
Bitcoin as an Alternative to the Traditional Financial System
In his remarks Kennedy expressed his belief that Bitcoin offers an acceptable substitute to the current financial system. According to him the national currency can be strengthened, inflation can be controlled and a new age of financial stability, peace and prosperity can be ushered in by backing it up with “hard currency” like Bitcoin . Kennedy criticizes US officials for their prior “war on cryptocurrencies” which he claims caused the nation’s financial disaster.
Building Investor Confidence and Attracting Business
Kennedy claims that excluding Bitcoin transaction earnings from capital gains tax will make the investment grow and encourage firms to expand in the US . Kennedy wants to instill investor confidence and lure enterprises to operate domestically as opposed to looking for cryptocurrency-friendly jurisdictions abroad by creating a supportive regulatory environment.
Industry Observations and Candidate Positions
Coinbase CEO Brian Armstrong has highlighted the significance of the upcoming US elections in shaping the regulation of digital assets . Kennedy’s proposal along with his rival Ron DeSantis’ support for cryptocurrency shows the crypto community the increasing relevance of digital assets in political discourse.
Kennedy aims to position himself as a candidate who recognizes the potential of digital assets owing to his promises to support Bitcoin, protect financial freedom and create a simple regulatory environment.
