He announced this plan during the July 19 Heal The Divide PAC event held last July 19. According to the presidential hopeful, backing the dollar with "hard currency" such as Bitcoin could help re-stabilize the U.S. economy.
"Backing dollars and U.S. 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," RFK Jr. said. "My plan would be to start very, very small; perhaps one percent of issued T-bills [Treasury bills] would be backed by hard currency – by gold, silver, platinum or Bitcoin."
The candidate stressed that his proposal to back the dollar with Bitcoin would be gradual, and the backing ratio could be adjusted accordingly as the plan evolves and proves effective. Its success would determine the amount of backing for the dollar over time, he added.
Aside from this, RFK Jr. also proposed making Bitcoin to U.S. dollar conversions exempt from capital gains taxes in a bid to further promote the adoption of the crypto token and incentivize investment in the United States. This move, CoinTelegraph noted, would encourage businesses and investors to operate within the U.S. instead of seeking more crypto-friendly jurisdictions like Singapore or Switzerland.
Investment disclosures made public on July 9 found that RFK Jr. owned Bitcoin tokens worth up to $250,000.
The pro-Bitcoin stance espoused by the nephew of former President John F. Kennedy has gained momentum in recent months.
During the second day of the Bitcoin 2023 conference in Miami held last May 19, he made headlines by announcing that his political campaign would accept donations in Bitcoin. With the move, RFK Jr. will be the first candidate in U.S. history to accept donations in crypto.
He praised Bitcoin as a symbol of democracy and freedom during the three-day event, emphasizing the importance of embracing technological innovations like cryptocurrencies to empower people and transcend traditional financial systems.
"Today, we show the world the power, the durability and the flexibility of Bitcoin," RFK Jr. said. "Almost everyone in this room is aware of the link between Bitcoin, democracy and freedom. They're passionate because of the deep representation of a deep need that we have for liberty and democracy and the promise that this innovation has to guarantee those virtues." (Related: READY TO RUMBLE! RFK Jr. joins platform that can help him take America back from the hands of corporate powers.)
According to RFK Jr., the decision to accept Bitcoin for donations serves a two-fold purpose. It is not only aimed at engaging the crypto-savvy voter base, but also at tapping into a potential source of significant funding.
The Democratic candidate believes in the potential of crypto as an innovative engine for the economy. He asserted: "Just as a bio-diverse ecosystem is a resilient ecosystem, so too will our economy be more resilient if it has a diverse ecology of currencies, not just a single, centrally controlled one," Kennedy asserted.
VoteDemocrat.news has more stories about RFK Jr.'s presidential campaign.
Watch RFK Jr. stating his support of Bitcoin during the Bitcoin 2023 conference in Miami below.