Democratic presidential candidate Robert F. Kennedy Jr. has said he will support the US dollar with the digital cryptocurrency Bitcoin if his White House bid is successful in 2024.
Speaking on Wednesday at an online forum hosted by Heal the Divide, a super-PAC with links to firebrand Republican congresswoman Marjorie Taylor Greene, Kennedy announced he intends to back the dollar with “hard assets” such as gold, silver, platinum, or Bitcoin.
This would act as a means to stabilize a US economy grappling with inflation and rising consumer costs, Kennedy claimed.
“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 stated.
Additionally, Kennedy said that under his administration, conversions of Bitcoin to dollars would be exempt from capital gains tax – measures he argued would fulfil his goal of “making America the global hub of cryptocurrency, particularly Bitcoin.” He added that the exemption would make the US more competitive to business ventures compared to crypto-friendly regions such as Switzerland or Singapore.
Kennedy, who is the nephew of former US President John F. Kennedy, announced in May at the Bitcoin 2023 conference in Miami, Florida that his campaign would accept financial donations in the digital currency.
Earlier this month, disclosures from the Kennedy campaign revealed that he has up to $250,000 of Bitcoin investments in his financial portfolio, apparently contradicting previous comments that he had no financial ties to the cryptocurrency. However, a spokesperson later insisted “there is no conflict” as Kennedy’s investment came after he made the declaration that he was not a Bitcoin investor.
Another presidential candidate, Republican Vivek Ramaswamy, is also a prominent supporter of Bitcoin and similarly accepts digital campaign donations. Florida governor and fellow White House hopeful Ron DeSantis has likewise expressed support for the digital currency.
Bitcoin has become a key aspect of many investors’ portfolios in recent years, with some attracted by its cheap and fast money transfers and decentralized systems. Critics, though, point to its sometimes extreme price volatility as being a chief risk for potential investors.