Please Follow us on Gab, Minds, Telegram, Rumble, Gab TV, Truth Social, Gettr, Twitter
U.S. Democratic presidential candidate Robert F. Kennedy Jr. unveiled a plan to exempt bitcoin (BTC) from capital gains tax when it is converted into U.S. dollars and to begin to back the greenback with "real finite assets" such as gold, silver, platinum and bitcoin.
"Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity," said Kennedy. He would start the process, he said, "very, very small, perhaps 1% of issued T-bills" would be backed by hard currencies like gold, silver platinum or bitcoin.
Speaking at a Heal-the-Divide PAC event Tuesday evening, he also echoed commitments he made at a conference in May defending the right to self-custody bitcoin, run blockchain nodes at home and promising industry-neutral energy regulation.
To read more visit Coindesk.
Someone please explain how Bitcoin is “hard assets.” How can something that exists only as bytes on computer mainframes be tactile, have shape and texture and otherwise be described as hard?
Then to exempt from taxation something into which people invest for gain while taxing everything else so described?
This stinks to high heaven!