Independent US presidential candidate RFK Jr. Backs Bitcoin to Boost Economy and Win Votes
Independent presidential candidate Robert F. Kennedy Jr. is making headlines in the whole internet world with his strong support for Bitcoin. At the Bitcoin2024 event on July 26, Kennedy praised Bitcoin’s potential to improve the US economy and American life. He promised to sign several executive orders on his first day in office to kickstart this process.
Bitcoin as a Strategic Asset
Kennedy plans to sign an order that would require the Justice Department and US Marshals to transfer the 204,000 Bitcoins held by the United States (US) to the Federal Reserve (FED). He wants these Bitcoins to be held as a “strategic asset.” Additionally, Kennedy said he would direct the Treasury Department to buy nearly 500 Bitcoins every day until the reserve reaches at least 4 million Bitcoins.
Kennedy believes these moves will give the United States a dominant position that no other country can challenge. He predicts the US Bitcoin reserve could eventually be worth hundreds of trillions of dollars.
Tax-Free Bitcoin Transactions
Kennedy would also make all transactions between Bitcoin and the dollar nonreportable and nontaxable by the IRS. He plans to allow Bitcoin to be exchanged for real property under the 1031 Exchange program, which encourages real estate investment.
Restoring Economic Freedom
Kennedy sees transactional freedom as crucial as freedom of expression. He believes Bitcoin can help restore the US economy to its former strength before President Richard Nixon took the US dollar off the gold standard. Kennedy stated, “Fiat currency was invented to fund war. If the world was on a BTC standard, there would be no more war because you can’t print Bitcoin.”
National Security and Financial Stability
Kennedy would hire Space Force Major Jason Lowery as a national security adviser. Lowery is known for his thesis that describes Bitcoin as a “cyber-defense system” and “soft power projection” to protect online identities.
Kennedy also aims to back US Treasury bills, notes, and bonds with hard assets like precious metals and Bitcoin. He believes this will strengthen the dollar, control inflation, and usher in a new era of financial stability. Kennedy said, “The world will rush to back an American-backed decentralised currency.”
By advocating for Bitcoin, Kennedy hopes to gain significant support and votes in the upcoming presidential election. His bold plans highlight his commitment to innovation and economic reform.
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