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Presidential candidate Robert F. Kennedy Jr. pledged to signal an govt order on his first day in workplace if elected that will 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 concern govt 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 stated the day one govt order would direct the Division of Justice and the US Marshals to switch roughly 200,000 Bitcoin presently held by the US authorities to the Treasury — designating it as a strategic asset.
It could additionally direct the Treasury to buy 550 BTC every day till the US amasses a reserve of 4 million Bitcoin, representing somewhat underneath 20% of the full provide. Kennedy stated:
“This coverage will give us about the identical proportion of whole Bitcoin as our nation holds of worldwide gold reserves.”
Kennedy’s plan consists of 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 international 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 supply a hedge towards 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 towards different nations, 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 shedding its financial management and the greenback’s reserve forex standing.
Corruption’s ‘biggest 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 stated:
“I noticed 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 consists of 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 international finance.”
Political assist
Kennedy expressed optimism in regards to the rising political assist for Bitcoin, aiming to determine the US as a world hub for crypto innovation and funding. He additionally acknowledged former President Donald Trump’s latest vocal assist for Bitcoin and stated the rising curiosity amongst political leaders was an excellent 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 essentially the most cynical political purpose for endorsing Bitcoin could be to excite the 60 million American Bitcoin holders with insurance policies that make the worth of Bitcoin improve.
Nonetheless, 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 towards cyber threats.