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 situation 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 presently 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 just a little underneath 20% of the whole provide. Kennedy mentioned:
“This coverage will give us about the identical proportion of complete Bitcoin as our nation holds of world gold reserves.”
Kennedy’s plan contains backing US debt with laborious property, 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 laborious property, 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 laborious property 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 except the U.S. transitions to a extra sustainable monetary technique backed by laborious property, it dangers shedding 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 property influenced his advocacy for Bitcoin and made him notice the significance of economic freedom.
He mentioned:
“I spotted that transactional freedom was as necessary 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 laborious property, 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 laborious property, to revive the greenback’s dominance in international finance.”
Political help
Kennedy expressed optimism in regards to the rising political help for Bitcoin, aiming to ascertain the US as a world hub for crypto innovation and funding. He additionally acknowledged former President Donald Trump’s current vocal help for Bitcoin and mentioned the rising curiosity amongst political leaders was a great 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 cause 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 shield in opposition to cyber threats.