RFK Says Bitcoin, Precious Metals Could Back US Dollar

Posted on 07/19/2023

Presidential hopeful Robert F. Kennedy isn’t happy with the inflation the U.S. has been experiencing. If elected, he says the dollar would be stabilized: “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.” Bitcoin, as a cryptocurrency, is thought of by some as a store of value, similar to precious metals, but not all agree. It also must be said that not all market participants and government figures have any interest in backing the currency with gold either, or feel there is a need to.

RFK is a friend to crypto assets, and has even said capital gains taxes were not necessary. However, for the average American, a restoration of purchasing power, or a stop to the decline in purchasing power Americans are experiencing, is an encouraging prospect. RFK said: “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”

The U.S. Department of Treasury says the U.S. currently has US$ 32.54 trillion in debt. U.S. GDP is hovering around US$ 24 trillion. The Treasury does not appear especially concerned by the debt: “The U.S. has carried debt since its inception. The national debt enables the federal government to pay for important programs and services for the American public.”

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