US To Buy $619 Billion In Bitcoin If Kennedy Jr. Is Elected

As a seasoned financial analyst with extensive experience in monetary policy and government finance, I find Robert Kennedy Jr.’s ambitious Bitcoin acquisition plan for the US government intriguing. His philosophical alignment with the Bitcoin community’s ideals of personal freedom, property rights, and governmental integrity resonates deeply with me, as these values are essential for a stable and prosperous economy.


At the industry event of the yearly Bitcoin conference in Nashville, Tennessee, Robert F. Kennedy Jr., a contender for the US presidency without a party affiliation, presented an extensive financial proposal. This plan, which Kennedy aims to implement in the US, could make the country the top holder of Bitcoin with a market value of approximately $619 billion – equivalent to the current US gold reserves. By pursuing this strategy, Kennedy believes that monetary policy will be reimagined and fiscal responsibility within the government will be strengthened.

Kennedy Jr. Vs. Donald Trump

In a recent conversation with Scott Melker and Custodia Bank’s CEO, Caitlyn Long, Kennedy Jr. highlighted the shared values between his political stance and the Bitcoin community. He stressed that this goes beyond just accumulating wealth and extended the discussion on Bitcoin’s capacity to promote individual autonomy, secure property rights, and challenge a “damaging war economy” fueled by traditional currencies.

“Bitcoin serves as an exit ramp from the inflating road leading to financial ruin, which some call a ‘highway to hell.’ At the same time, it provides a means for reinstating trust in our governance and safeguarding individual liberties. The middle class can use it as a shield against inflation, viewed as a form of unjust government appropriation,” the independent candidate expressed.

As an analyst, I’d rephrase it this way: I, Kennedy Jr., have been a long-standing advocate for Bitcoin. In contrast, former President Trump, who is scheduled to speak at the conference this weekend, has recently expressed supportive gestures towards the cryptocurrency. However, I cannot overlook Trump’s past skepticism and his controversial decision to consider appointing JPMorgan CEO Jamie Dimon as Treasury Secretary. This appointment, in my opinion, goes against the principle of draining the political “swamp.”

He noted that President Trump had previously worked with Steve Mnuchin in an attempt to halt individual Bitcoin transactions, underscoring the importance of exercising caution regarding Trump’s recent interest in Bitcoin. Furthermore, Kennedy Jr. outlined a gradual strategy for incorporating Bitcoin into the US treasury. Initially, he suggested starting with the emission of treasury bills secured by a blend of hard currencies, such as platinum and gold. This approach would then progressively expand to encompass up to 100% of new treasury issuances being anchored to these assets over time.

Kennedy Jr. expressed his intention to include Bitcoin in the organization’s balance sheet, along with other hard currencies such as gold, platinum, and potentially treasury bills anchored to these currencies. He plans to introduce this new class of bills gradually, starting with a 1% issuance in the first year and possibly increasing it by 2% the following year, in order to assess the impact on the product and ultimately reach a full 100% allocation.

Significantly, this individual’s plan includes buying Bitcoins outright to amass holdings comparable to the US gold reserves. He expressed his desire for the government to initiate Bitcoin purchases during his tenure and eventually possess an equivalent value in Bitcoin as we have in gold. According to him, Bitcoin is a legitimate currency since it operates on a proof-of-work system.

Based on Arkham’s figures, approximately 213,239 Bitcoin valued at around $14.3 billion have been seized by the US government through law enforcement. In other words, if all of these confiscated Bitcoins were added to a strategic reserve, the United States would still need to acquire significantly more Bitcoin at present market prices.

At present, the United States boasts the largest documented gold hoard globally, amounting to around 8,134 metric tons, or roughly $619 billion based on current market prices. To attain an equivalent worth using Bitcoin, one would need to acquire approximately 9.4 million Bitcoins. This procurement would account for a substantial portion of the total 21 million Bitcoins scheduled to be mined in the future, nearly half (around 45%).

To provide some context, MicroStrategy, the corporation with the most Bitcoin holdings, possesses approximately 226,331 Bitcoins. On the other hand, BlackRock, which manages the largest Bitcoin spot Exchange-Traded Fund (ETF), has control over around 334,000 Bitcoins.

At press time, BTC traded at $66,976.

US To Buy $619 Billion In Bitcoin If Kennedy Jr. Is Elected

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2024-07-26 11:10