Presidential candidate Robert F. Kennedy Jr. pledged to signal an government 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 function 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 stated 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 will 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 entire provide. Kennedy stated:
“This coverage will give us about the identical proportion of complete Bitcoin as our nation holds of world 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 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 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, similar to by eradicating them from the SWIFT system, has accelerated efforts by nations like these within the BRICS group to de-dollarize.
He warned that except 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 foreign money standing.
Corruption’s ‘best foe’
Kennedy additionally emphasised Bitcoin’s function 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 notice the significance of economic freedom.
He stated:
“I noticed that transactional freedom was as necessary as freedom of expression within the First Modification.”
He additionally confused 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 world finance.”
Political help
Kennedy expressed optimism concerning the rising political help for Bitcoin, aiming to determine the US as a worldwide hub for crypto innovation and funding. He additionally acknowledged former President Donald Trump’s latest vocal help for Bitcoin and stated the rising curiosity amongst political leaders was 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 help 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 enhance.
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.
