Presidential candidate Robert F. Kennedy Jr. recently made a bold declaration at the Bitcoin2024 conference, stating that he plans to sign an executive order on his first day in office, if elected, to make Bitcoin a strategic reserve asset for the United States. This move is part of Kennedy’s vision to enhance America’s economic stability and strategic position.
Kennedy’s proposal involves directing the Treasury to purchase 550 BTC daily until the US amasses a reserve of 4 million Bitcoin, which would represent nearly 20% of the total supply. He aims to back US debt with hard assets like Bitcoin to stabilize the dollar and control inflation. Kennedy believes that leveraging the scarcity and liquidity of Bitcoin, along with gold and other hard assets, will help restore the dollar’s dominance in global finance.
In addition to building a significant Bitcoin reserve, Kennedy also plans to issue executive orders that would make Bitcoin transactions with the US dollar unreportable and non-taxable. He also intends to recognize Bitcoin as an eligible asset for 1031 exchanges into real property. Kennedy criticized the Federal Reserve’s monetary policies, which he believes have contributed to wealth inequality and economic instability. By backing the US dollar with Bitcoin and other hard assets, he hopes to provide a hedge against inflation and strengthen the dollar’s value.
Kennedy emphasized Bitcoin’s role in protecting individual freedom and combating government corruption. He highlighted Bitcoin as an anti-war asset and a fierce opponent of corruption. Kennedy also stressed the importance of transactional freedom and how it is as crucial as freedom of expression in the First Amendment.
Moreover, Kennedy addressed the international implications of current US monetary policies, warning that the country risks losing its economic leadership and the dollar’s reserve currency status if it does not transition to a more sustainable financial strategy backed by hard assets. He pointed out the weaponization of the dollar against other countries and the efforts by nations like those in the BRICS group to de-dollarize.
Kennedy expressed optimism about the growing political support for Bitcoin and aims to establish the US as a global hub for crypto innovation and investment. He acknowledged former President Donald Trump’s recent vocal support for Bitcoin and mentioned the possibility of Trump announcing a plan to build a “Bitcoin Fort Knox” during an upcoming speech at the conference. Kennedy hopes that Trump and other political leaders will develop a deeper understanding of Bitcoin’s potential to secure the US financial system and protect against cyber threats.
Overall, Kennedy’s plan to make Bitcoin a strategic reserve asset for the US reflects his commitment to enhancing economic stability, protecting individual freedoms, and combating corruption. His vision for leveraging Bitcoin to back US debt and stabilize the dollar highlights the potential for cryptocurrencies to play a significant role in shaping the future of global finance.