Categories: Blockchain Investments
Topics: Bitcoin

RFK’s Bold Bitcoin Vision

During a Heal-the-Divide PAC event, Democratic Presidential Candidate Robert F. Kennedy Jr. unveiled his Bitcoin-focused policies, intending to reshape the financial system if elected as president. 

Among his proposals, Kennedy suggested gradually backing the U.S. dollar with hard assets such as gold, silver, platinum, or Bitcoin. 

He envisioned starting small, perhaps allocating 1% of issued T-bills to be backed by hard currency and then increasing that allocation annually based on the initial outcomes. This move is aimed at reinforcing the U.S. dollar's position as the world reserve currency, leveraging Bitcoin's absolute scarcity and sound monetary principles.

 
Kennedy emphasized that backing dollars and U.S. debt obligations with hard assets could restore strength to the dollar, curb inflation, and usher in an era of financial stability and prosperity for America.

Additionally, Kennedy announced his administration's plan to exempt Bitcoin-to-dollar conversions from capital gains taxes. He argued that this exemption would foster innovation, encourage investment, protect citizen privacy, and incentivize businesses to stay within the United States rather than moving overseas – essentially the polar opposite of what the current administration is doing. 

During his announcement, Kennedy reiterated commitments he made earlier at the Bitcoin 2023 conference, including defending the right of self-custody of Bitcoin, supporting the right to run a node at home, and advocating for industry-neutral regulation of energy.

He tied his support for Bitcoin to the ideals of his uncle, President John F. Kennedy, and his vision for a free and equitable country. He drew a connection between the dangers of pure fiat currency and various societal issues, citing his uncle's understanding of the relationship between fiat currency and war, environmental projects, and wealth disparities.

Reflecting on the history of fiat currencies, Kennedy criticized their frequent use to fund wars without public consent, thanks to the ability to print money without direct taxation. In contrast, he praised hard currencies for making it necessary to go to the public and seek approval for funding initiatives like wars.

Kennedy also firmly stated that Bitcoin should not be considered a security and therefore should not be subjected to such regulations. He also expressed his commitment to ending the Biden administration's policies targeting banks dealing with Bitcoin through Choke Point 2.0.

He further highlighted the pressing financial circumstances faced by the United States, with a steady growth rate of national debt over the past decade. To address this, his proposal for the U.S. Treasury to acquire assets like Bitcoin and precious metals serves as an insurance policy against mounting debt.

Kennedy's unwavering belief in Bitcoin represents a potential political shift, where Bitcoin is viewed not merely as an asset but also as a strategic tool to ensure the nation's fiscal well-being and attract intellectual capital to the United States.

Reckless governments who have their hands on the printing presses will inflate a currency into oblivion with endless wars and personal enrichment. 

This is why people who actually care about the future of America — and humanity at large — should support initiatives like this that aim to restore balance and accountability to our economic system.

Chris Curl
Editor, Daily Profit Cycle