Independent US presidential candidate Robert Kennedy Jr drew attention with his financial policy proposal. Kennedy plans to purchase $619 billion worth of Bitcoin to introduce the US to a significant financial step. This bold plan aims to enhance federal financial discipline and fundamentally change monetary policy.
Bitcoin’s Relationship with Freedom and Property Rights
Kennedy’s proposal was announced at the annual Bitcoin conference in Nashville, Tennessee. According to the plan, Bitcoin will be strategically purchased and equated with the US gold reserves. This move aims to bring a radical transformation in financial policy, enhancing fiscal discipline within the federal government and supporting economic stability.
Kennedy Jr. emphasized how Bitcoin aligns with ideals of personal freedom, property rights, and government integrity during a roundtable with Scott Melker and Custodia Bank CEO Caitlyn Long. Kennedy stated that Bitcoin is not just an investment tool but a way to strengthen individual sovereignty and counter the “destructive war economy” caused by fiat currency.
Kennedy argued that Bitcoin is a tool that restores integrity to government and personal freedoms, helping the middle class fight inflation. He stated that Bitcoin is not only a financial instrument but also a social and political one.
Trump’s Stance and Kennedy’s Criticisms
Kennedy Jr. compared his consistent support for Bitcoin with former President Donald Trump‘s fluctuating stance. He criticized Trump’s controversial decision to consider JPMorgan CEO Jamie Dimon as Treasury Secretary, arguing that it goes against the ethics of reducing political corruption.
Additionally, he highlighted Trump’s connection with Steve Mnuchin, who attempted to end P2P Bitcoin transactions, despite Trump’s newfound interest in Bitcoin, urging caution. Kennedy argued that Trump’s inconsistencies could lead to a loss of trust within the Bitcoin and cryptocurrency community.
A New Treasury Strategy
Kennedy Jr. proposed the gradual integration of Bitcoin into the US Treasury. He suggested starting with the issuance of treasury bonds pegged to a basket of solid currencies like platinum and gold. This plan will begin with 1% of new treasury issuances and gradually increase to 100%. This approach aims to bring discipline to the financial system while gradually incorporating Bitcoin into the federal balance sheet.
Kennedy Jr. plans to purchase Bitcoin to match the value of the US gold reserves. According to Arkham’s data, the US government currently holds 213,239 BTC worth $14.3 billion. However, this amount is insufficient to match the US’s approximately $619 billion gold reserves. Therefore, the US will need to purchase about 9.4 million BTC, representing 45% of the total 21 million BTC.
Kennedy’s bold plan has sparked significant debate about the future of Bitcoin and cryptocurrencies. This strategy has the potential to bring fundamental changes to US financial and economic policy. However, the market impact and potential consequences of such a large-scale purchase must be carefully evaluated. Whether Kennedy’s proposal will redefine the place of Bitcoin and cryptocurrencies in the global financial system remains to be seen.
