Robert Kennedy Jr. (an independent presidential candidate from the United States) unveiled a financial plan during the Industry Day of the Bitcoin Conference in Nashville, Tennessee. The ambitious policy could make the United States the largest Bitcoin holder on the planet. Policy revolves around the strategic purchase of Bitcoin valued at $619 Billion to equal the US gold reserve. Kennedy Jr. claims that the move is meant to redefine monetary policies and improve fiscal discipline for federal governments.
Kennedy Jr. Kennedy Jr.
A roundtable is a good way to learn about the latest trends. discussion Kennedy Jr., in a meeting with Scott Melker, Caitlyn Lang, CEO of Custodia Bank and Scott Melker, emphasized that his policy aligns perfectly with the Bitcoin community’s values of freedom of expression, rights to property, and government integrity. “This is more than about increasing the size of your pile,” Kennedy Jr. highlighted Bitcoin’s ability to increase self-sovereignty, and combat what he calls a “destructive war economy” Driven by fiat currencies
“Bitcoin is not only an offramp to this inflationary highway which is the highway to hell, but it also is a way of restoring integrity to our government. It’s a way of restoring personal freedoms, it’s a way the middle class can isolate itself from inflation which is just a form of government theft,” Independent candidate declared
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Kennedy Jr. made a comparison between his constant advocacy of Bitcoin and that recent supportive gestures Former President Donald Trump will be speaking at the event on Saturday. Kennedy highlighted Trump’s previous skepticism, and his controversial recent decision to possibly appoint JPMorgan Chief Executive Jamie Dimon to Treasury Secretary. Kennedy criticised this as being contrary to Kennedy’s ethos to drain the political system. “swamp.”
Then, he added: “President Trump also was connected with Steve Mnuchin who tried to end person-to-person Bitcoin transactions,” It is important to be cautious when dealing with Trump’s renewed enthusiasm for Bitcoin.
Kennedy Jr. also explained his plan of integrating Bitcoin incrementally into the US treasury. Starting with the issuance of treasury bills anchored to a basket of hard currencies—including platinum and gold—Kennedy proposed a phased approach that would begin with 1% of new treasury issuances backed by these hard assets, scaling up to 100% over time.
US Would Have to Buy $619 Billion in Bitcoin
“I would be willing to add Bitcoin to the balance sheet. I’m going to do that. I’m gonna actually do a basket of hard currencies of maybe platinum and gold and other hard currencies and begin issuing at least the class of treasury bills that are anchored to hard currency. Let’s say the first year by 1% and then maybe the next year by 2% to watch how that goes because that will inject discipline into the product and ultimately get up to 100%,” Kennedy Jr. explained.
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Noteworthy, the strategy would include direct Bitcoin purchase to equal US gold reserve holdings. “I would like to have the federal government begin to buy Bitcoin and over the term my term of office ultimately have an equivalent amount of Bitcoin that we have gold. Because Bitcoin is an honest currency, it’s a currency that’s based upon proof of work,” he declared.
The following is a list of data Arkham shows that the US Government currently has 213,239 BTC, worth $14.3 Billion confiscated by law enforcement. Even if Kennedy were to transfer them all into a reserve for strategic purposes, the US government would still need to purchase much more BTC based on current market prices.
8134 tons of official US gold are worth approximately 619 billion dollars. This value would be equivalent to about $9.4 million BTC at the current price. The purchase would be nearly 45% the 21 million BTC total that has ever been mined.
Perspective MicroStrategyThe largest Bitcoin corporate owner is. It owns 226 331 BTC. BlackRockThe largest Bitcoin ETF Manager, which controls 334,000 BTC.
BTC was trading at $66,976 as of the time this article went to press.
TradingView.com chart and YouTube image.
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Source: www.newsbtc.com
