Presidential candidate Robert F. Kennedy Jr. has unveiled an ambitious plan to make the U.S. the largest Bitcoin holder globally. His proposal involves matching U.S. Bitcoin holdings with the value of the nation’s gold reserves. If elected, Kennedy intends to acquire enough Bitcoin to equal the $615 billion worth of U.S. gold.
A Plan to Purchase 9.4 Million BTC
Currently, the U.S. holds 8,134 tons of gold. Under Kennedy’s proposal, this would require the country to purchase approximately 9.4 million BTC at today’s prices. This significant acquisition represents about 45% of the total number of bitcoins in circulation, highlighting the massive scale of his plan. Kennedy stated, “Bitcoin is an honest currency. It is based on the proof of work, everything is on the ledger, it is decentralized, and that is what we need to do with democracy.”
Launching Asset-Backed Treasury Bonds
Kennedy’s plan also includes the introduction of a new series of U.S. Treasury bonds secured by gold, silver, platinum, and Bitcoin. Initially, these bonds would be only one percent funded by these assets, but the funding would gradually increase to 100 percent over time.
The proposed acquisition would position the U.S. as the largest Bitcoin holder in the world, surpassing other major institutional investors like MicroStrategy and BlackRock, which currently own 226,331 BTC and 334,000 BTC, respectively. This move could significantly boost the price of Bitcoin, given the substantial investment from the U.S. government.
Encouraging Bitcoin Growth and Adoption
Kennedy also plans to repeal capital gains taxes on Bitcoin to stimulate the growth of a robust U.S. Bitcoin economy. His strategy aims to transform the U.S. into a major player in the cryptocurrency market, potentially driving higher Bitcoin adoption and integrating digital currencies into the national economy.
By embracing Bitcoin, Kennedy envisions a future where the U.S. leads in the global cryptocurrency space, promoting transparency, decentralization, and democratic principles through digital currencies.
Also Read: Direct Client Demand Drives Growth in BlackRock’s Bitcoin ETF
Potential Benefits of Kennedy’s Plan
- Increased Bitcoin Value: A large-scale U.S. government investment could drive up the price of Bitcoin.
- Economic Growth: Removing capital gains taxes on Bitcoin could spur economic activity and innovation.
- Global Leadership: The U.S. would become a significant player in the global cryptocurrency market.
- Enhanced Transparency: Bitcoin’s decentralized and transparent nature aligns with democratic values.
Challenges and Considerations
- Market Impact: Such a large purchase could impact Bitcoin’s market dynamics.
- Implementation: Ensuring the successful rollout of asset-backed Treasury bonds.
- Legislative Support: Gaining the necessary political and public support for these bold initiatives.
Robert F. Kennedy Jr.‘s proposal to make the U.S. the largest Bitcoin holder is a bold and transformative vision. By matching Bitcoin holdings with the nation’s gold reserves and introducing asset-backed Treasury bonds, Kennedy aims to drive Bitcoin adoption and integrate digital currencies into the U.S. economy. If successful, this plan could position the U.S. at the forefront of the global cryptocurrency market.
