Robert F. Kennedy Jr. Promises to Make Bitcoin Strategic Reserve Asset for US
Presidential candidate Robert F. Kennedy Jr. has made a bold promise to sign an executive order on his first day in office, if elected, that would designate Bitcoin as a strategic reserve asset for the United States. Speaking at the Bitcoin2024 conference on July 26, Kennedy shared his vision for Bitcoin to enhance America’s economic stability and strategic position.
Advocating for Bitcoin
This marks Kennedy’s second appearance at the event, solidifying his position as a long-time advocate for Bitcoin within US political leadership. In addition to establishing a significant Bitcoin reserve, Kennedy also plans to issue executive orders that would allow Bitcoin transactions with the US dollar to be unreportable and non-taxable. He further aims to recognize Bitcoin as an eligible asset for 1031 exchanges into real property.
Strategic Reserve Implementation
Under the proposed executive order, the Department of Justice and the US Marshals would be directed to transfer around 200,000 Bitcoin currently held by the US government to the Treasury. This move is seen as a significant step towards integrating Bitcoin into the country’s financial infrastructure and economic strategy.
The United States to Build Bitcoin Reserves
President Kennedy announced a bold new plan to bolster the United States’ financial position by building up its reserves of Bitcoin. The plan, which aims to treat Bitcoin as a strategic asset, involves daily purchases of 550 BTC until the country amasses 4 million Bitcoin, roughly 20% of the total supply.
Kennedy emphasized that this move would align the US with its global gold reserves, providing a solid foundation for the nation’s currency. By backing US debt with hard assets like Bitcoin, Kennedy hopes to stabilize the dollar and combat inflation, leveraging the scarcity and liquidity of Bitcoin alongside traditional assets like gold.
In addition to addressing domestic economic concerns, Kennedy also criticized the Federal Reserve’s monetary policies for exacerbating wealth inequality and economic instability. By advocating for a shift towards a more asset-backed currency, Kennedy believes that the US can protect against inflation and strengthen the dollar’s value in the long term.
Furthermore, Kennedy highlighted the international implications of these policies, emphasizing the need for the US to maintain a strong position in global finance. By diversifying its reserves with Bitcoin and other hard assets, the US aims to secure its financial future and assert its dominance in the global economic landscape.
The Weaponization of the Dollar
It has been noted that the use of the dollar as a weapon against other countries, such as through exclusion from the SWIFT system, has prompted nations like those in the BRICS group to seek alternatives to the dollar.
The Importance of Financial Sustainability
There is a warning that the U.S. must shift towards a more sustainable financial strategy supported by tangible assets to avoid losing its economic dominance and the dollar’s status as a reserve currency.
Bitcoin and Individual Freedom
Robert Kennedy highlighted Bitcoin’s role in safeguarding personal liberties. He cited the Canadian truckers’ protest and the seizure of their financial resources as catalysts for his advocacy for Bitcoin, underscoring the significance of financial freedom.
He expressed that transactional freedom is just as crucial as freedom of speech protected by the First Amendment.
Furthermore, Kennedy emphasized Bitcoin’s capacity to preserve individual freedoms, enhance accountability, and counteract government corruption, labeling it as anti-war and unwavering.
Kennedy’s Vision for Bitcoin and the US Economy
Senator Kennedy has put forth a bold plan to combat government corruption and stabilize the US economy. His proposal involves backing US debt with hard assets like Bitcoin to ensure the dollar’s stability and control inflation.
Political Support for Bitcoin
Kennedy is optimistic about the increasing political support for Bitcoin, aiming to position the US as a global leader in crypto innovation and investment. He praised former President Donald Trump’s endorsement of Bitcoin and sees this as a positive development.
During an upcoming speech, Trump may announce plans to create a “Bitcoin Fort Knox” and authorize the purchase of 1 million Bitcoins as a strategic reserve. Kennedy supports this initiative and hopes it will strengthen the US economy.
The Potential of Bitcoin for Securing the US Financial System
Recently, there has been a growing interest in the potential of Bitcoin to secure the US financial system. This interest has been fueled by the increasing number of American Bitcoin holders, which currently stands at around 60 million.
Some experts believe that endorsing Bitcoin could be a politically expedient move for certain leaders. However, others, like Kennedy, argue that there is a deeper potential for Bitcoin to protect against cyber threats and strengthen the US financial system.
Kennedy is hopeful that political leaders, including Trump, will come to understand the true value of Bitcoin beyond just its potential to increase in value. By recognizing Bitcoin’s ability to enhance financial security and resilience against cyber attacks, leaders can make informed decisions that benefit the country as a whole.
