Young RFK to back dollar with Bitcoin if elected

Subscribe Subscribe Democratic anti-Trump candidate Young RFK to stabilize US economy Also Read Democrats unleash anti-Trump candidate Young RFK ALBAWABA – Up and coming, Trump-like United States (US) presidential elections candidate Robert “Bobby” F. Kennedy Jr, also less commonly known as RFK Jr and Young RFK, has vowed Wednesday to back the US dollar with Bitcoin if he gets elected, news outlets reported. The Bitcoin was priced at $30,009 early on Wednesday, according to Cointelegraph. Democratic anti-Trump candidate Young RFK has promised to progressively back the dollar with what he called “hard currency”, including gold and Bitcoin, as well as other precious commodities. Speaking at a July 19 Heal-the-Divide PAC event, Kennedy claimed that backing the dollar with “hard currency”, gradually, could help to re-stabilize the American economy. “My plan would be to start very, very small; perhaps 1 percent of issued T-bills would be backed by hard currency, by gold, silver, platinum or Bitcoin,” he said. Robert F. Kennedy Jr., Young RFK or RFK Jr, visits "The Faulkner Focus"at Fox News Channel Studios on June 02, 2023 in New York City - Photo by Jamie McCarthy / GETTY IMAGES NORTH AMERICA / Getty Images via AFP More so, Young RFK said he would exempt Bitcoin to US dollar conversions from capital gains taxes. According to RFK Jr, the proposed exemption would encourage investment and incentivize ventures to grow their business in the US instead of other crypto-friendly markets, such as Singapore or Switzerland. This is not the first time Young RFK boasted his pro-crypto position. Young RFK is a Bitcoin investor On May 19, he announced that he would accept political campaign donations in Bitcoin. And on July 9, investment disclosure reports uncovered that Young RFK owned up to $250,000 worth of Bitcoin, according to CNBC News. RFK Jr previously denied having any exposure to Bitcoin. Concerns were raised about his possession and dealings in cryptocurrency, as to the ethicality of the affair, as per CNBC News, but no official proceedings were reported. Turns out his immediate family held the cryptocurrency, Virginia Canter confirmed, the chief ethics counsel for watchdog group Citizens for Responsibility and Ethics in Washington. “There is no conflict here,” Kucinich told CNBC in an interview. The Kennedy campaign later corroborated Kucinich’s statement, saying that “the investments were not his, but his wife’s. He is not involved in her investment decisions.” However, at a later date, a campaign representative sent CNBC a new statement, saying the bitcoin investment is indeed Kennedy’s. “I was mistaken in my last communication. Mr. Kennedy does hold a bitcoin investment, but it came later. At the time of the bitcoin speech he had no cryptocurrency holdings,” the representative said. A month later, in June, Young RFK tweeted: “Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic.” As president, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more… pic.twitter.com/rPkMARieYu Also Read Bitcoin prices may hit new highs in 2024 — Robert F. Kennedy Jr (@RobertKennedyJr) June 27, 2023 He has now progressed from this to proposing a new “Bitcoin Standard”, in what would be a similar benchmark to that of the 1900 Gold Standard Ac, which was abandoned in the US in 1971. Subscribe Sign up to our newsletter for exclusive updates and enhanced content Subscribe Now Subscribe Sign up to get Al Bawaba's exclusive celeb scoops and entertainment news Subscribe to our newsletter for exclusive updates and enhanced content Subscribe