TL;DR

RFK Jr.’s Bold Promise: U.S. presidential candidate Robert F. Kennedy Jr. plans to advocate for the federal government to invest in Bitcoin until its holdings match the country’s gold reserves.
Vision and Commitment: Kennedy praises Bitcoin as an “honest currency” due to its decentralized nature and transparency. He proposes linking a new U.S. Treasury bill to a basket of currencies.
Implications and Rivals: If Kennedy’s proposal materializes, the U.S. would become the largest BTC holder globally. Meanwhile, former President Donald Trump accepts Bitcoin donations and positions himself as the “Crypto President.”

Robert F. Kennedy Jr., (RFK Jr.), the U.S. presidential candidate, has made a bold promise that could reshape the nation’s crypto landscape. If elected, he plans to advocate for the federal government to invest in Bitcoin until its holdings match the country’s gold reserves.

RFK JR: “I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin. I am fully committed.” pic.twitter.com/GrDB8nSirI

— Autism Capital (@AutismCapital) July 26, 2024

Currently, the U.S. government holds a staggering 8,134 tons of gold, valued at approximately $615 billion. To achieve parity in Bitcoin, they would need to acquire over 9 million BTC at the current market price. This ambitious move represents nearly 45% of all the BTC that will ever exist.

RFK Jr.’s Vision

Kennedy’s stance goes beyond mere speculation. In a recent interview, he emphasized Bitcoin’s virtues as an “honest currency.” He praised its decentralized nature, transparency through proof of work, and the immutable ledger.

His plan aligns with earlier proposals to back government currency and debt with a diversified mix of hard assets, including gold, silver, platinum, and BTC. Kennedy even floated the idea of a new U.S. Treasury bill linked to this basket of currencies, gradually increasing its share of Bitcoin over time.

His commitment extends throughout his potential four-year term in office: “I would like to have the federal government begin to buy Bitcoin and, ultimately, hold an equivalent amount of Bitcoin as we do gold.”

The Implications

Should Kennedy’s proposal materialize, the U.S. would become the largest BTC holder globally. Currently, MicroStrategy leads among corporate holders with 226,331 BTC (worth $14.41 billion), while BlackRock’s Bitcoin ETF controls 334,000 BTC (worth $21.73 billion).

Kennedy also pledged to eliminate capital gains taxes on crypto transactions, signaling his commitment to fostering a crypto-friendly environment.

Trump’s Take

Meanwhile, Kennedy’s rival, former President Donald Trump, has taken a different approach. Trump now accepts Bitcoin donations for his campaign and is set to deliver the keynote address at Bitcoin 2024 in Nashville, Tennessee.

He proudly calls himself the “Crypto President” and positions himself against President Biden’s perceived anti-crypto stance. Some speculate that Trump’s newfound love for crypto stems from industry donations and his vision of leveraging Bitcoin mining to support fossil fuel expansion and achieve “energy dominance.”

Harris’s Silence

Vice President Kamala Harris remains enigmatic about her stance on crypto. Unlike Biden, she has not publicly addressed the topic. Some speculate that her Silicon Valley connections and tech industry ties might make her more open to crypto adoption.

As the 2024 election unfolds, the battle for crypto policy takes center stage. Whether it’s Kennedy’s bold Bitcoin commitment, Trump’s crypto-friendly rhetoric, or Harris’s silence, the crypto community watches closely, knowing that the next U.S. president’s decisions will shape the industry’s future.

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Filed under: News - @ July 26, 2024 1:19 pm