In a move that could potentially revolutionize the U.S. financial system, Democratic presidential candidate Robert F. Kennedy Jr. has proposed a plan to back the U.S. dollar with Bitcoin. This groundbreaking proposal, unveiled at a recent Heal-the-Divide PAC event, also includes exempting Bitcoin from capital gains tax when converted into U.S. dollars.

A New Dawn for the Greenback

Kennedy’s vision involves backing the U.S. dollar with “real finite assets” such as gold, silver, platinum, and notably, Bitcoin. This strategy, he believes, could restore strength to the dollar, rein in inflation, and usher in a new era of American financial stability, peace, and prosperity. The process would begin modestly, with perhaps 1% of issued T-bills backed by these hard currencies.

Defending the Right to Self-Custody Bitcoin

In addition to his plan for the dollar, Kennedy reiterated his stance on the right to self-custody Bitcoin and run blockchain nodes at home. He also promised industry-neutral energy regulation, demonstrating his commitment to fostering innovation and investment in the crypto industry. Kennedy believes these measures will incentivize ventures to grow their business and tech jobs in the U.S., rather than in other countries.

Challenging the Status Quo

Currently, the Internal Revenue Service treats Bitcoin as property and investment rather than currency, making it subject to tax on capital gains. Kennedy’s proposal to exempt Bitcoin from capital gains tax when converted into U.S. dollars challenges this status quo. He has also criticized incumbent President Joe Biden’s proposed 30% tax on cryptocurrency mining, calling it a “bad idea.”

A Future with Bitcoin

If elected president, Kennedy’s promise to progressively back the U.S. dollar with Bitcoin could mark a significant shift in the U.S. financial landscape. His plan to make Bitcoin to U.S. dollar conversions exempt from capital gains taxes could also spur investment and incentivize ventures to grow their business in the U.S.

In the Spirit of Decentralization and Freedom

As we stand on the precipice of a new era, it’s clear that the future of finance is being rewritten. Visionaries like Kennedy are challenging traditional norms and pushing the boundaries of what’s possible. In the spirit of decentralization, we continue to forge ahead, embracing the promise of a future where financial sovereignty is not just a dream, but a reality.