Democratic presidential candidate Robert F. Kennedy Jr. is sharing his plans for Bitcoin (BTC) if he gets elected in the November 2024 election.
During a speech at a Heal-the-Divide event, the nephew of former president John F. Kennedy says his administration will exempt the conversion of Bitcoin to dollars from capital gains tax.
He says there are downsides to this policy but the US will reap benefits that can dwarf the disadvantages.
“The benefits include facilitating innovation and spurring investment, ensuring citizen privacy, incentivizing ventures to grow their business and tech jobs in the United States rather than in Singapore, Switzerland, Germany and Portugal.”
Kennedy says removing taxes on the flagship crypto asset will help protect civil liberties.
“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.”
The environmental lawyer says the idea is similar to the Clinton administration’s policy that exempted e-commerce from taxes.
“Silicon Valley is largely a result of that policy… it was very controversial in the beginning but the outcome of that policy was really important. Exempting Bitcoin from exchange taxes is almost a perfect analogy for that and we ought to be doing that in the United States.”
Kennedy says he also wants the US dollar to be backed with Bitcoin through which the king crypto can help save the greenback.
“The Kennedy administration will begin to back the US dollar with real finite assets such as gold, silver, platinum and Bitcoin, which is the world’s hardest liquid asset to strengthen the US dollar and guarantee its continued success as a world reserve currency. This will include US Treasury Bills, notes and bonds.”
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Source: https://dailyhodl.com/2023/07/20/us-presidential-candidate-robert-kennedy-proposes-to-back-the-dollar-with-bitcoin-end-taxes-on-btc/