Presidential candidate Robert F. Kennedy Jr. pledged to signal an government order on his first day in workplace if elected that may make Bitcoin a strategic reserve asset for the US.
Addressing attendees on the Bitcoin2024 convention on July 26, Kennedy outlined a imaginative and prescient the place Bitcoin would play a key position in enhancing America’s financial stability and strategic place. That is his second look on the occasion, making him the one of many longest advocates of the flagship crypto in US political management.
Along with constructing a big Bitcoin reserve, Kennedy promised to challenge government orders making Bitcoin transactions with the US greenback unreportable and non-taxable. He additionally plans to acknowledge Bitcoin as an eligible asset for 1031 exchanges into actual property.
Strategic reserve
Kennedy mentioned the day one government order would direct the Division of Justice and the US Marshals to switch roughly 200,000 Bitcoin at present held by the US authorities to the Treasury — designating it as a strategic asset.
It might additionally direct the Treasury to buy 550 BTC every day till the US amasses a reserve of 4 million Bitcoin, representing a bit of underneath 20% of the whole provide. Kennedy mentioned:
“This coverage will give us about the identical proportion of whole Bitcoin as our nation holds of worldwide gold reserves.”
Kennedy’s plan contains backing US debt with exhausting belongings, together with Bitcoin, to stabilize the greenback and management inflation. He believes that leveraging the shortage and liquidity of Bitcoin, together with gold and different exhausting belongings, will restore the greenback’s dominance in world finance.
He additionally criticized the Federal Reserve’s financial insurance policies, which he claims have contributed to wealth inequality and financial instability. He argued that backing the US greenback with Bitcoin and different exhausting belongings would offer a hedge in opposition to inflation and strengthen the greenback’s worth.
Kennedy additionally addressed the worldwide implications of present U.S. financial insurance policies. He identified that the weaponization of the greenback in opposition to different international locations, reminiscent of by eradicating them from the SWIFT system, has accelerated efforts by nations like these within the BRICS group to de-dollarize.
He warned that until the U.S. transitions to a extra sustainable monetary technique backed by exhausting belongings, it dangers dropping its financial management and the greenback’s reserve forex standing.
Corruption’s ‘best foe’
Kennedy additionally emphasised Bitcoin’s position in defending particular person freedom. He recounted how the Canadian truckers’ protest and the freezing of their monetary belongings influenced his advocacy for Bitcoin and made him understand the significance of monetary freedom.
He mentioned:
“I spotted that transactional freedom was as vital as freedom of expression within the First Modification.”
He additionally careworn Bitcoin’s potential to guard private freedoms, promote accountability, and fight authorities corruption, saying:
“Bitcoin is anti-war. It’s a fierce, cruel, and insurmountable foe of presidency corruption.”
Kennedy’s plan contains backing US debt with exhausting belongings, together with Bitcoin, to stabilize the greenback and management inflation. “The technique I’m proposing leverages the shortage and liquidity of Bitcoin, together with gold and different exhausting belongings, to revive the greenback’s dominance in world finance.”
Political assist
Kennedy expressed optimism in regards to the rising political assist for Bitcoin, aiming to determine the US as a worldwide hub for crypto innovation and funding. He additionally acknowledged former President Donald Trump’s current vocal assist for Bitcoin and mentioned the rising curiosity amongst political leaders was a very good factor.
Kennedy revealed that Trump may announce a plan to construct a “Bitcoin Fort Knox” throughout his upcoming speech on the convention and authorize the US authorities to purchase 1 million Bitcoin as a strategic reserve asset.
Kennedy expressed assist for this potential transfer, hoping that Trump’s dedication to Bitcoin extends past “political expediency.” He famous that probably the most cynical political motive for endorsing Bitcoin could be to excite the 60 million American Bitcoin holders with insurance policies that make the worth of Bitcoin enhance.
Nevertheless, Kennedy hopes that Trump and different political leaders will develop a deeper understanding of Bitcoin’s potential to safe the US monetary system and defend in opposition to cyber threats.
