In a bold move that could redefine the United States' monetary policy,
independent presidential candidate Robert F. Kennedy Jr. has unveiled an
ambitious plan to make the US the largest holder of Bitcoin. Speaking at the
Bitcoin conference in Nashville,
Tennessee, Kennedy emphasized his commitment to Bitcoin, describing it as an
"honest currency" that aligns with the ideals of personal freedom and
Bitcoin, property rights, and governmental integrity.
Kennedy's policy centers on the strategic acquisition of Bitcoin, valued at
$619 billion, to match the current US gold
reserves. This move aims to enhance fiscal
discipline within the federal government and redefine
monetary policy. "Bitcoin is not only an offramp to this inflationary highway
which is the highway to hell, but it also is a way of restoring integrity to
our government," Kennedy stated. During a roundtable discussion with Scott
Melker and Caitlyn Long, CEO of Custodia Bank, Kennedy highlighted the
philosophical alignment between his policies and the cryptocurrency
community’s ideals. He criticized the current monetary
system, describing it as a "destructive war economy" driven by fiat currency.
"Bitcoin is a way the middle class can isolate itself from inflation, which is
just a form of government theft," he added. Kennedy detailed his plan to
incrementally integrate Bitcoin into the US treasury. Starting with the
issuance of treasury bills and
Bitcoin anchored to a basket of hard
currencies—including platinum and gold—Kennedy proposed a phased approach that
would begin with 1% of new treasury issuances backed by these hard assets,
scaling up to 100% over time. "I would be willing to add Bitcoin to the
balance sheet. I’m going to do that. I’m gonna actually do a basket of hard
currencies of maybe platinum and gold and other hard currencies and begin
issuing at least the class of treasury bills that are anchored to hard
currency," Kennedy explained. Kennedy's strategy involves direct purchases of
Bitcoin to achieve holdings equivalent to the US gold reserves. "I would like
to have the federal government begin to buy Bitcoin and over my term in office
ultimately have an equivalent amount of Bitcoin that we have gold. Because
Bitcoin is an honest currency, it’s a currency that’s based upon proof of
work," he declared. If implemented, Kennedy's plan
would make the United States the largest Bitcoin holder globally. Currently,
the US government holds 213,239 BTC worth $14\.3 billion, confiscated through
law enforcement. To match the value of the US gold reserves, the government
would need to purchase about 9\.4 million BTC at current prices, representing
nearly 45% of the total 21 million BTC that will ever be mined. Kennedy's
proposal has sparked significant interest and debate within the cryptocurrency
community and beyond. As the 2024 presidential election and
Bitcoin approaches, his Bitcoin policy could become a
defining issue in the race, highlighting the growing importance of
cryptocurrency in the global financial landscape. For those interested in
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Technology Consulting. This article aims to
provide a comprehensive overview of Robert Kennedy Jr.'s Bitcoin policy and
its potential implications for the US economy. Stay tuned for more updates and
in\-depth analyses on this topic.
Rapid
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Kennedy's Bitcoin Vision: Transforming America's Monetary Future
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