Bitcoin can guarantee stability for the US economy

US presidential candidate and Democratic Party representative Robert Francis Kennedy Jr. has promised to take steps to back the US dollar with bitcoin if elected president.

Speaking at an event organized by the Heal-the-Divide PAC, Kennedy said that backing the US dollar with a «hard currency» (gold, silver, platinum, or bitcoin) could help stabilize the US economy. «Backing U.S. dollars and debt with hard currencies can help restore the dollar’s strength, curb inflation, and usher in a new era of financial stability, peace, and prosperity for the country.»

Kennedy Jr. believes that this process should be gradual and, depending on the success of the plan, he intends to adjust the amount of dollar support.

«My plan would be to start very small, perhaps only 1% of the Treasury bills issued would be backed by hard currency, gold, silver, platinum or bitcoin ,» he said.

Kennedy also said that he would exempt the conversion of bitcoins into US dollars from capital gains tax. Earlier, the US presidential candidate promised to support the HTS and the freedom to conduct cryptocurrency transactions if he wins the election in 2024.

As it became known at the end of June, the value of bitcoins owned by the nephew of the 35th US President Robert Francis Kennedy Jr. ranges from $ 100,000 to $ 250,000. JFK Jr. was considered a minor candidate, but less than two months after announcing his candidacy, he has already gained the support of 20% of Democrats, compared to 60% of the current US President Joe Biden.