Kennedy Proposes Bitcoin Tax Exemptions to Protect Civil Liberties21. July 2023
Robert F. Kennedy Jr.’s Proposal
• Democratic presidential candidate Robert F. Kennedy Jr. has proposed to exempt the conversion of Bitcoin to dollars from capital gains tax.
• He also wants the US dollar to be backed with Bitcoin in order to strengthen its value as a world reserve currency.
• Kennedy’s plan will also incentivize ventures to grow their business and tech jobs in the US rather than in other countries.
Robert F. Kennedy Jr., nephew of former President John F. Kennedy, has shared his plans for Bitcoin (BTC) if he is elected president in November 2024 election. During a speech at a Heal-the-Divide event, he proposed exempting the conversion of Bitcoin to dollars from capital gains tax, which will help protect civil liberties as non-taxable events are unreportable and make it more difficult for governments to weaponize currency against free speech. This is similar to the Clinton administration’s policy that exempted e-commerce from taxes and was highly controversial when it was first implemented, but had positive results such as helping Silicon Valley become what it is today.
Kennedy also plans on having the US dollar backed with real finite assets such as gold, silver, platinum, and Bitcoin in order to guarantee its continued success as a world reserve currency by strengthening its value with these hard liquid assets such as Treasury Bills, notes and bonds. With this backing plan, bitcoin can help save the greenback while facilitating innovation and spurring investment at the same time – an opportunity which could outweigh any potential disadvantages associated with this policy change.
By removing taxes on BTC conversions into dollars, Kennedy’s proposal can help incentivize tech businesses and investments in the United States over other countries like Singapore, Switzerland Germany or Portugal while protecting citizens’ privacy at the same time – something which is core objective of his campaign platform according to him. Additionally, by backing up USD with Bitcoin (as well as traditional assets like gold), it would ensure that its value stays stable despite economic downturns or times of financial insecurity – something that could benefit both citizens and businesses alike who rely on USD stability for their transactions or savings accounts respectively.
Although there may be some advantages associated with this idea there are still potential downsides that need consideration before implementing this policy change – one example being increased volatility due to cryptocurrency markets being so unpredictable compared to traditional asset markets meaning any losses incurred by investors may still have an adverse affect on people’s finances even though they’re not taxed directly by government agencies (at least not yet). Additionally certain aspects of cryptocurrency technology remain unproven or unknown making them volatile investments not suitable for everyone regardless of how much they’re willing take risks with their money