Presidential candidate Robert F. Kennedy Jr. pledged that on his first day in workplace, if elected, he would signal an government order that may make bitcoin a strategic reserve asset for the US.
Talking to attendees of the Bitcoin2024 convention on July 26, Kennedy outlined a imaginative and prescient the place Bitcoin would play a key function in strengthening America's financial stability and strategic place. That is his second look on the occasion, making him one of many longest-standing supporters of the flagship cryptocurrency within the US political management.
Along with constructing a big bitcoin reserve, Kennedy promised to subject government orders that may make bitcoin transactions with the US greenback unreportable and untaxable. It additionally plans to acknowledge Bitcoin as an eligible asset for 1031 actual property exchanges.
Strategic reserve
Kennedy mentioned that at some point an government order would direct the Justice Division and U.S. Marshals to switch the roughly 200,000 bitcoins at the moment held by the U.S. authorities to the Treasury — designating them a strategic asset.
The Treasury Division would additionally mandate the acquisition of 550 BTC per day till the US accumulates a reserve of 4 million Bitcoins, which is rather less than 20% of the whole provide. Kennedy mentioned:
“This coverage will give us about the identical share of whole bitcoins that our nation holds in international gold reserves.”
Kennedy's plan entails securing US debt with arduous belongings, together with bitcoin, to stabilize the greenback and management inflation. He believes that leveraging bitcoin's shortage and liquidity, together with gold and different arduous belongings, will restore the greenback's dominance in international finance.
He has additionally criticized the Federal Reserve's financial coverage, which he claims has contributed to wealth inequality and financial instability. He argued that hedging the US greenback with bitcoin and different arduous belongings would supply a hedge towards inflation and strengthen the worth of the greenback.
Kennedy additionally addressed the worldwide implications of present US financial coverage. He identified that weaponizing the greenback towards different international locations, resembling by eradicating them from the SWIFT system, has accelerated efforts by nations resembling these within the BRICS group to de-dollarize.
He warned that except the US strikes to a extra sustainable monetary technique backed by arduous belongings, it dangers dropping its financial management and the greenback's reserve foreign money standing.
The “greatest enemy” of corruption
Kennedy additionally emphasised Bitcoin's function in defending particular person freedom. He recounted how the Canadian truckers' protest and freezing of their monetary belongings influenced his advocacy of Bitcoin and made him notice the significance of economic freedom.
He mentioned:
“I spotted that freedom of transaction was simply as essential as freedom of speech within the First Modification.”
He additionally highlighted bitcoin's potential to guard private liberties, promote accountability and combat authorities corruption, saying:
“Bitcoin is anti-war. He’s a ruthless, cruel and implacable enemy of presidency corruption.”
Kennedy's plan entails securing US debt with arduous belongings, together with bitcoin, to stabilize the greenback and management inflation. “The technique I’m proposing makes use of the shortage and liquidity of Bitcoin, together with gold and different arduous belongings, to revive the dominance of the greenback in international finance.”
Political assist
Kennedy expressed optimism about Bitcoin's rising political assist to make the US a worldwide middle 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 is an effective factor.
Kennedy revealed that Trump might announce a plan to construct a “Bitcoin Fort Knox” throughout his upcoming convention speech and authorize the US authorities to buy 1 million bitcoins as a strategic reserve asset.
Kennedy expressed assist for the potential transfer, hoping that Trump's dedication to bitcoin goes past “political expediency.” He famous that essentially the most cynical political cause to assist bitcoin could be to get the 60 million American bitcoin holders enthusiastic about insurance policies that improve bitcoin's worth.
However Kennedy hopes Trump and different political leaders will develop a deeper understanding of Bitcoin's potential to safe the U.S. monetary system and defend towards cyber threats.
