U.S. Presidential Candidate, Robert F. Kennedy (RFK) has vowed to support the leading crypto asset Bitcoin (BTC) with U.S Dollar Reserves. During a Heal-the-Divide PAC gathering that held on July 19, RFK made this bold statement as part of his strategic propaganda to re-stabilize the American economy.
RFK Plans To Stabilize USD By Bitcoin Massive Purchase
The Independent Presidential candidate said he would issue multiple executive orders concerning Bitcoin on his inaugural day as President. If elected, he promised to have the U.S government transfer its 200,000 Bitcoin holdings to the Department of Treasury as a strategic asset.
Also, on a daily basis, the U.S. Treasury will purchase 550 BTC until the nation amasses a reserve of 4 million BTC. He noted that there are approximately 21 million BTC circulating in the nation and a 19% holdings of the global gold reserves.
These moves could push Bitcoin’s value to hundreds of trillions by aiming for a comparable share of the total Bitcoin supply as our gold reserves, he noted
RFK Intends to Exempt Taxation on Crypto
Furthermore, RFK said he intends to sign an Executive Order directing the U.S. Internal Revenue Service to provide guidance declaring that transactions between Bitcoin and the U.S. dollar are unreportable and therefore not subject to taxation.
He believes that this exemption would encourage investment and motivate businesses to expand within the U.S. rather than seeking out crypto-friendly locations like Singapore or Switzerland.
An Effort to Gain More Votes?
American voters and most especially the crypto community are wondering if RFK is truly genuine with his or if it is just an effort to gain more votes. According to a Reuters/Ipsos poll, it shows that Kennedy is currently behind other contenders including Vice President Kamala Harris and former President Donald Trump. In the survey, Harris outpaced Trump with 42% to 38%, while Kennedy garnered support from 8% of voters.
Notably, several crypto experts in the industry have somehow seen Harris in a positive spotlight after President Biden backed out of the Presidential race. Recently, the billionaire investor, Mark Cuban shared his opinion.
He said the female presidential candidate could present a major shift in policy towards technological innovation and cryptocurrencies. Trump, on the other hand, is making moves to show his seriousness about crypto. It was reported recently that attendees for the Bitcoin Conference 2024 event will need to buy a seat at the private roundtable using Bitcoin.
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