Robert F. Kennedy Jr. Vows to Push Government to Buy 9.17 Million BTC

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As a seasoned researcher with extensive experience in the financial and technological sectors, I find Robert F. Kennedy Jr.’s proposal to integrate Bitcoin into the US national reserve an intriguing development. Kennedy’s alignment with the Bitcoin community and his understanding of its underlying principles are commendable.

Robert F. Kennedy Jr., an American independent presidential candidate, has proposed a daring initiative: encouraging the U.S. government to purchase Bitcoin (BTC) and add it to the national reserve. His intention is to persistently advocate for this action until the value of the country’s Bitcoin holdings matches that of its gold reserves.

In a recent interview, Kennedy expressed his strong agreement with the Bitcoin community. He referred to Bitcoin as a “trustworthy form of currency,” underpinned by the proof-of-work mechanism, and free from central control due to its decentralized nature, while also being transparent thanks to its blockchain ledger system.

Significantly, the country presently possesses approximately 8,134 metric tons of gold, equivalent to around $615 billion in value. If we consider Bitcoin’s current market price of $67,000 per coin, the government would require roughly 9.17 million Bitcoins to match this gold reserve. This amount represents nearly half (around 45%) of the total existing Bitcoin supply and would make the US the leading Bitcoin holder worldwide.

At present, Satoshi Nakamoto, the mysterious creator of Bitcoin, owns approximately one million units of this cryptocurrency, valued at over $67 billion. Moreover, MicroStrategy, a renowned American business intelligence firm, is the principal corporate owner of 226,331 BTC, which equates to around $15.1 billion in value.

Upon careful examination, the proposal may have significant consequences for the decentralized nature of cryptocurrency, as it could confer control over nearly half of the entire supply to a select few influential entities.

Kennedy’s Vision of a Diverse Basket

According to Kennedy’s plan, the proposal represents a key component of his ambitious strategy to secure the value of government currency and debt through a varied assortment of tangible assets, such as gold, silver, platinum, and Bitcoin. He outlined a gradual implementation process for introducing a fresh category of US Treasury bills, initially linked to this asset pool by a 1% connection in the first year, growing to a 2% tie in the second year, and eventually reaching a full integration of 100% over an extended period.

Throughout his political campaign, Kennedy has repeatedly expressed his approval for Bitcoin. At a rally in Michigan held in April, he suggested implementing the entire United States budget using blockchain technology as a means of promoting transparency within the government. Additionally, he has vowed to abolish capital gains taxes on Bitcoin transactions.

As someone who has closely followed the world of finance and technology for decades, I strongly believe that if elected, Senator Kennedy should consider backing the US dollar with Bitcoin (BTC). Based on my observations of the economic landscape and the rapid evolution of digital currencies, I am convinced that this move would bring significant benefits to our economy.

Comments on Trump’s BTC Support

Amidst the buzz, it’s been rumored that ex-President Donald Trump could unveil plans for an American Bitcoin reserve at the Bitcoin 2024 conference in Nashville, Tennessee. Trump’s newfound enthusiasm for cryptocurrencies has made him a beloved figure within the industry circles.

Kennedy displayed a measured response when queried about Trump’s recent endorsement of Bitcoin. Though Kennedy was glad to see Trump voicing his approval for Bitcoin in public, he reminded us of Trump’s previous dismissive stance towards the cryptocurrency, labeling it as a fraud.

During the interview, Kennedy raised doubts about Trump’s authenticity regarding his intentions to nominate Jamie Dimon for the position of Treasury head. Kennedy views Dimon as a member of the establishment and is apprehensive that Trump may be swayed by deep-rooted bureaucratic and financial influences, which could compromise his pledges.

In the comments section beneath the interview video, some members of the Bitcoin community expressed their approval of Kennedy’s ideas, while a handful remain uncertain about his daring proposition.

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2024-07-26 12:37