Bitcoin has proven to be a significant part of the upcoming United States Presidential election, garnering interest among major political figures. As the election approaches, Republican presidential candidate Robert F. Kennedy Jr. has called on the nation to acquire millions of BTC as a strategic reserve asset, which he believes could strengthen the US dollar.
In a bold statement at the Bitcoin 2024 conference on July 26, Kennedy Jr. reiterated his plans to make Bitcoin a strategic reserve asset in the US should he emerge as the new president of the nation. Kennedy Jr. highlighted how incorporating the digital asset into the country’s financial system may strengthen the stability and resiliency of the US dollar.
Addressing attendees at the conference, the presidential candidate began by revealing his intention of issuing a pro-Bitcoin executive order on day one of his victory. This order will direct the Department of Justice and the US Marshals to transfer the approximately 200,000 BTC currently held by the US government to the country’s Treasury, where it will be held as a strategic reserve asset.
Additionally, Kennedy stated that he would issue another order that would mandate the Treasury to acquire about 550 BTC daily until the US has established a reserve of at least 4 million BTC. Kennedy intends to match the US BTC holdings with its gold reserve, which currently boasts about 19% of the world’s gold reserve.
Acknowledging the potential of Bitcoin, Kennedy envisions BTC as an eligible asset of exchange into real properties. Thus he aspires to pass an executive order to the IRS to treat the asset as such once he takes over the presidential seat.
After being part of the Bitcoin community over time, the crypto advocate highlighted that the most significant aspect of the community is the unity among supporters, which reminds him of how America is supposed to be.
Because of this, he believes that BTC is the technology for freedom, optimism, independence, democracy, and transparency. “Bitcoin is the currency of hope, it is the perfect currency,” he stated.
While Kenndy advocates BTC as a strategic reserve asset that could fortify the US dollar, he noted that the action would make the country a leader in cyberspace, symbolizing a new era of innovation.
Furthermore, he cited the recent outspoken endorsement of BTC by rival presidential candidate Donald Trump. He disclosed that during his next speech at the conference, Trump might propose a plan to authorize the US government to purchase 1 million BTC as a strategic reserve asset, which is advantageous to the country.
Although Kennedy endorsed the move, he hopes that Trump‘s dedication toward the digital currency spans beyond political expediency, as the most cynical reason could be to excite 60 million BTC holders with policies that will increase its price. As a result, he has stressed the need for a proper understanding of BTC’s potential to protect the US financial system and individuals against cyber dangers.
Featured image from Shutterstock, chart from Tradingview.com
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