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RFK Jr. Unveils Plan to Exempt Bitcoin from Capital Gains Tax, Back Dollar with Hard Assets

Updated: Jul 20, 2023


RFK Jr. pledges to exempt bitcoin from capital gains tax.
Credit: Eva Marie Uzcategui, Getty Images.

HYANNIS PORT, MA – Democratic presidential candidate Robert F. Kennedy Jr. has made headlines with his groundbreaking plan to exempt bitcoin (BTC) from capital gains tax and back the U.S. dollar with "real finite assets" such as gold, silver, platinum, and bitcoin itself. Kennedy believes that this move will strengthen the dollar, combat inflation, and usher in a new era of financial stability, peace, and prosperity for the United States.



Kennedy's Vision for the Dollar and Bitcoin


According to Kennedy, backing the U.S. dollar and its debt obligations with hard assets could bring much-needed strength to the currency. He envisions a gradual process, starting with as little as 1% of issued Treasury bills being backed by assets such as gold, silver, platinum, or bitcoin. This strategy aims to restore faith in the dollar, reduce inflationary pressures, and lay the groundwork for a more stable financial system.


Exemption of Bitcoin from Capital Gains Tax


One of the key components of Kennedy's plan is the exemption of bitcoin from capital gains tax when converted into U.S. dollars. Currently, the Internal Revenue Service treats bitcoin as property or an investment, subjecting it to capital gains tax.


Kennedy argues that this treatment hampers the growth of the cryptocurrency industry and stifles innovation. By removing this tax burden, he hopes to incentivize investment in the sector, boost technological advancements, and retain businesses and tech jobs within the United States.


Advocating Individual Rights and Regulatory Clarity


Kennedy has been vocal about his support for individual rights in the crypto space. He defends the right to self-custody bitcoin, run blockchain nodes at home, and advocates for industry-neutral energy regulation. These positions aim to protect citizens' privacy, foster innovation, and prevent the exodus of crypto ventures and investments to more crypto-friendly countries.


Importance of Regulatory Clarity


Cryptocurrency companies have long been seeking regulatory clarity to ensure a level playing field and encourage responsible growth. Kennedy acknowledges the need for clear regulations, as uncertainty can drive innovation away from the United States. He has criticized President Joe Biden's proposed 30% tax on cryptocurrency mining, believing it to be detrimental to the industry's growth and development.


The Future of Cryptocurrency in America


Kennedy's proposals have garnered attention and support from the cryptocurrency community. By championing the exemption of bitcoin from capital gains tax and backing the dollar with hard assets, he aims to strengthen the country's financial system, attract investments, and retain technological advancements domestically.


Furthermore, by ensuring regulatory clarity and defending individual rights, Kennedy believes that the United States can become a hub for crypto innovation, creating jobs and driving economic growth.

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