Biden-Challenger Robert F. Kennedy Jr. Wants To Back Dollar With Bitcoin, Proposes Elimination Of Capital Gains Taxes On Apex Crypto
Portfolio Pulse from Mehab Qureshi
Democratic Presidential hopeful Robert Kennedy Jr. has proposed a plan to back the US dollar with Bitcoin and other hard assets. He suggests starting with 1% of issued T-bills backed by hard assets, including Bitcoin, and gradually increasing this allocation. Kennedy also plans to exempt Bitcoin to US dollar conversions from capital gains taxes. He believes this approach could strengthen the US dollar and stimulate investment and innovation.
July 19, 2023 | 5:23 am
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Robert Kennedy Jr.'s proposal to back the US dollar with Bitcoin could increase demand for the cryptocurrency, potentially driving its price up.
If Kennedy's proposal is implemented, it would create a new source of demand for Bitcoin as it would be used to back US T-bills. This could increase the price of Bitcoin. However, the proposal is still hypothetical and would need to be approved and implemented, which could take time and face opposition.
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