Democratic Presidential Candidate Robert F. Kennedy Jr. on Wednesday said he plans to back the US dollar with Bitcoin and end Bitcoin taxes. Pro-Bitcoin presidential candidate RFK Jr. committing support to the cryptocurrency industry is providing some hope for the industry at times when the industry faces intense regulatory scrutiny and government intervention.

Robert F. Kennedy Jr. Bitcoin-Focused Policies

During the Heal-the-Divide PAC event, US Presidential Candidate Robert F. Kennedy Jr. outlined several Bitcoin-focused policies including gradually backing the U.S. dollar with Bitcoin and making Bitcoin profits exempt from capital gains taxes.

“My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin.”

Kennedy Jr. plans to gradually increase the allocation depending on the outcome of the initial phase. If elected president, his administration will work on policies to reform the financial system, backing the dollar and U.S. debt obligations with hard assets, and growing business and tech jobs in the US.

RFK Jr. on fiat currency & #bitcoin pic.twitter.com/J0GC4had9x

— Dylan LeClair 🟠 (@DylanLeClair_) July 19, 2023

Robert F. Kennedy Jr., who invested $100,000 to $250,000 in Bitcoin, noted commitments to the Bitcoin community. He also plans to put an end to the Biden administration’s policies and plans such as Operation Choke Point 2.0 and central bank digital currency (CBDC).

Bitcoin will play a pivotal role in the upcoming US presidential election. Robert F. Kennedy Jr. discusses the importance of Bitcoin in privacy and freedom. On July 26, he will be speaking on Bitcoin and freedom in Twitter Space hosted by “The Wolf of All Streets” Scott Melker.

Also Read: Binance Burns 1.99 Million BNB Tokens Worth $619M, Price Recovery Ahead?

Bitcoin Price Records Upside Move

BTC price jumped over 1% from below $30k after the news, with the price currently trading at $30,102. The 24-hour low and high are $29,556 and $30,184, respectively. Furthermore, the trading volume has increased slightly by 5% in the last 24 hours, indicating an interest among traders.

Bitcoin price holding strongly above $30k for a move to $35k, with analysts pointing to Bitcoin surpassing $100k in 2024. PlanB predicts $500k BTC price after Bitcoin halving in 2024.

Also Read: XRP Price Shoots Another 8% As Judge Asks Ripple & SEC to Settle the Case

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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