Presidential aspirant Robert F. Kennedy Jr. has pledged to make Bitcoin a strategic reserve asset for the U.S. if elected, promising to acquire 550 Bitcoin per day until there is a reserve of 4 million. Speaking at the Bitcoin2024 conference, Kennedy explained Bitcoin will play a pivotal role in bolstering America’s economic standing and stability. He is no stranger to advocating for cryptocurrency as evidenced by his appearances at such events.
Kennedy premised his promise on executive orders legitimizing Bitcoin transactions with USD while designating them as non-taxable. Another order permits Bitcoin to be recognized as an eligible asset for 1031 exchanges into tangible property. His intended route would involve the immediate transfer of 200,000 Bitcoin currently held by the Department of Justice and U.S. Marshals to the Treasury. The ultimate goal is to accumulate a reserve amounting to 20% of the total Bitcoin supply.
Kennedy further pushed for U.S. debt to be supported by hard assets, including Bitcoin, to stabilize the nation’s currency and maintain inflation. The hope is that Bitcoin’s scarcity and liquidity might rejuvenate the Dollar and establish it as a major player in the global finance market once again. Kennedy addressed the negative impact of the Federal Reserve’s monetary policies and proposed that supporting the U.S. dollar with Bitcoin could guard against inflation.
Highlighting Bitcoin’s role in protecting personal freedom, Kennedy indicated the Canadian truckers’ protest and their financial freeze inspired his support for the crypto coin. In his view, the financial transaction freedom endowed is as critical as freedom of speech. The politician is eager to leverage Bitcoin’s potential to preserve personal freedoms, increase accountability, and confront governmental corruption.
Kennedy also welcomed the growing political endorsement for Bitcoin; former President Donald Trump has recently voiced his support. Kennedy plans to place the U.S. at the forefront of crypto innovation and investment, reinforced by the possible addition of a “Bitcoin Fort Knox,” a highlight of Trump’s upcoming conference speech.