Robert F. Kennedy Jr. Promises to Make Bitcoin Transactions Nontaxable and Nonreportable by the IRS If Elected
- PHPzOriginal
- 2024-07-27 15:14:16710browse
Independent presidential candidate Robert F. Kennedy Jr. recently laid out an ambitious plan for integrating Bitcoin into the U.S. economy
Robert F. Kennedy Jr. is an independent presidential candidate who recently proposed a plan to integrate Bitcoin into the U.S. economy. He aims to use the cryptocurrency to fix what he sees as broken American money and society.
At the Bitcoin2024 Nashville conference, Kennedy outlined several ambitious proposals that he would implement via executive orders if elected. One key proposal involves the Justice Department and U.S. Marshals transferring 204,000 Bitcoins currently held by the United States to the Federal Reserve. Additionally, he plans to have the Treasury Department purchase 550 Bitcoin daily until the reserve reaches at least 4 million BTC.
Kennedy believes that this strategic reserve will position the U.S. for economic dominance, with the Bitcoin reserve potentially reaching values in the hundreds of trillions of dollars. He also aims to make Bitcoin transactions more attractive by ordering all Bitcoin-to-dollar transactions to be nonreportable and nontaxable by the IRS. Furthermore, he plans to make Bitcoin eligible for exchange into real property under the 1031 Exchange program, which currently encourages real estate investment.
If elected, Kennedy intends to hire Space Force Major Jason Lowery as a national security adviser. Lowery is recognized for his thesis on Bitcoin as a “cyber-defense system” and “soft power projection,” which would protect online identities in cyberspace.
Kennedy's proposals showcase a bold vision for integrating Bitcoin into the U.S. financial system and leveraging it to enhance national security and economic stability. It remains to be seen how these proposals will resonate with voters and ultimately impact the presidential race.
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