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Earlier this month, Kennedy announced his intention to back the US dollar with Bitcoin if elected, arguing that this would help stabilize the economy.
The United States independent presidential candidate Robert F. Kennedy Jr. has recently announced a bold plan to integrate Bitcoin (BTC) into the national reserve. He vows to push the US government to acquire Bitcoin until its value equals that of the country’s gold reserves.
In a recent interview, Kennedy stated he “feels very aligned with Bitcoiners”. The presidential candidate described BTC as an “honest currency” grounded in proof of work, decentralized, and transparent through its ledger system.
Notably, the nation currently holds 8,134 tons of gold, worth around $615 billion. Based on Bitcoin’s market price of $67,000, the government would need to amass about 9.17 million BTC to match its gold reserves. This value represents around 45% of the total Bitcoin supply and would make the US the largest Bitcoin holder globally.
Currently, Bitcoin’s anonymous creator Satoshi Nakamoto holds the largest 1 million BTC units, worth more than $67 billion. Additionally, American business intelligence firm MicroStrategy is the leading corporate Bitcoin holder, owing 226,331 BTC worth around $15.1 billion.
Looking closely, the proposal could potentially affect the decentralization of the cryptocurrency by giving almost 50% of the total supply to a few powerful hands.
Kennedy’s Vision of a Diverse Basket
The proposal is part of Kennedy’s broader vision to support government currency and debt with a diverse basket of hard assets, including gold, silver, platinum, and Bitcoin. He detailed a phased approach for introducing a new class of US Treasury bills, initially “anchored” to this basket by 1% in the first year, increasing to 2% in the second year, and ultimately reaching 100% over time.
Kennedy has consistently voiced support for Bitcoin throughout his campaign. In an April rally in Michigan, he proposed putting the entire US budget on the blockchain, highlighting his commitment to transparency in government. He has also pledged to eliminate capital gains taxes on Bitcoin.
Earlier this month, Kennedy announced his intention to back the US dollar with BTC if elected, arguing that this would help stabilize the economy. He has also been vocal against anti-Bitcoin legislation, advocating for a crypto-friendly regulatory framework.
Comments on Trump’s BTC Support
Meanwhile, rumors are swirling about former President Donald Trump’s stance on Bitcoin. Reports suggest that Trump may announce a plan to establish a US Bitcoin reserve at the Bitcoin 2024 conference in Nashville, Tennessee. Trump has become a vocal supporter of the crypto industry in recent years, becoming a favorite of many in the community.
When asked about Trump’s newfound support for Bitcoin, Kennedy expressed cautious optimism. While pleased with Trump’s public commitment to Bitcoin, he noted Trump’s past skepticism, calling Bitcoin a scam.
Kennedy also voiced concerns about Trump’s sincerity during the interview, especially with his plans to appoint Jamie Dimon, a figure Kennedy considers part of the “swamp,” to run the Treasury. Kennedy is worried that Trump might be influenced by entrenched bureaucratic and financial interests, potentially undermining his commitments.
Several bitcoin community members displayed their support for Kennedy in the interview video’s comment section, while a few are still skeptical of his bold proposal.
