US To Buy $619 Billion In Bitcoin If Kennedy Jr. Is Elected
July 26 2024 - 4:00AM
NEWSBTC
During the industry day of the annual Bitcoin conference in
Nashville, Tennessee, Robert Kennedy Jr., an independent candidate
for the US presidency, unveiled an ambitious financial policy plan
that could transform the United States into the world’s largest
holder of Bitcoin. The policy centers on the strategic acquisition
of Bitcoin, valued at $619 billion, to match the current US gold
reserves. This move, according to Kennedy Jr., is aimed at
redefining monetary policy and enhancing fiscal discipline within
the federal government. Kennedy Jr. Vs. Donald Trump During a
roundtable discussion with Scott Melker and Caitlyn Long, CEO of
Custodia Bank, Kennedy Jr. emphasized the philosophical alignment
between his policies and the Bitcoin community’s ideals of personal
freedom, property rights, and governmental integrity. “This is more
than about increasing the size of your pile,” Kennedy Jr. said,
underlining Bitcoin’s potential to enhance self-sovereignty and
counteract what he describes as a “destructive war economy” driven
by fiat currency. “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. It’s a way of
restoring personal freedoms, it’s a way the middle class can
isolate itself from inflation which is just a form of government
theft,” the independent candidate stated. Related Reading: In The
Works: Jersey City Mayor’s Plan To Introduce Bitcoin ETFs Into
Pension Funds Kennedy Jr. drew a contrast between his consistent
advocacy for Bitcoin and the recent supportive gestures from former
President Donald Trump, who will speak at the conference on
Saturday. Kennedy pointed out Trump’s prior skepticism and his
recent controversial decision to potentially appoint JPMorgan CEO
Jamie Dimon as Treasury Secretary, which Kennedy criticized as
contrary to the ethos of draining the political “swamp.” He added,
“President Trump also was connected with Steve Mnuchin who tried to
end person-to-person Bitcoin transactions,” emphasizing the need
for a cautious approach towards Trump’s newfound enthusiasm for
Bitcoin. Moreover, Kennedy Jr. detailed his plan to incrementally
integrate Bitcoin into the US treasury. Starting with the issuance
of treasury bills 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. US Would Need To Buy $619
Billion In Bitcoin “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. Let’s say the first year by 1%
and then maybe the next year by 2% to watch how that goes because
that will inject discipline into the product and ultimately get up
to 100%,” Kennedy Jr. explained. Related Reading: VanEck Predicts
Bitcoin Price Could Hit $52.38 Million, Here’s When Notably, his
strategy would involve 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 the term my
term of 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. According
to data by Arkham, the US government currently holds 213,239 BTC
worth $14.3 billion confiscated through law enforcement. That
means, even if Kennedy would transfer all of these into a strategic
reserve, the US would need to buy much more BTC at current prices.
The US currently holds the largest official gold reserves in the
world, with 8,134 tons of gold valued at approximately $619
billion. To match this value with Bitcoin at current prices would
require purchasing about 9.4 million BTC. This acquisition would
represent nearly 45% of the total 21 million BTC that will ever be
mined. For perspective, MicroStrategy, the largest corporate holder
of Bitcoin, owns 226,331 BTC, and BlackRock, the largest spot
Bitcoin ETF manager, controls 334,000 BTC. At press time, BTC
traded at $66,976. Featured image from YouTube, chart from
TradingView.com
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