2 months ago
Presidential campaigner Robert F. Kennedy Jr. pledged to motion an enforcement bid connected his archetypal time successful bureau if elected that would marque Bitcoin a strategical reserve plus for the US.
Addressing attendees astatine the Bitcoin2024 league connected July 26, Kennedy outlined a imaginativeness wherever Bitcoin would play a cardinal relation successful enhancing America’s economical stableness and strategical position. This is his 2nd quality astatine the event, making him the 1 of the longest advocates of the flagship crypto successful US governmental leadership.
In summation to gathering a important Bitcoin reserve, Kennedy promised to contented enforcement orders making Bitcoin transactions with the US dollar unreportable and non-taxable. He besides plans to admit Bitcoin arsenic an eligible plus for 1031 exchanges into existent property.
Strategic reserve
Kennedy said the time 1 enforcement bid would nonstop the Department of Justice and the US Marshals to transportation astir 200,000 Bitcoin presently held by the US authorities to the Treasury — designating it arsenic a strategical asset.
It would besides nonstop the Treasury to acquisition 550 BTC regular until the US amasses a reserve of 4 cardinal Bitcoin, representing a small nether 20% of the full supply. Kennedy said:
“This argumentation volition springiness america astir the aforesaid proportionality of full Bitcoin arsenic our federation holds of planetary golden reserves.”
Kennedy’s program includes backing US indebtedness with hard assets, including Bitcoin, to stabilize the dollar and power inflation. He believes that leveraging the scarcity and liquidity of Bitcoin, on with golden and different hard assets, volition reconstruct the dollar’s dominance successful planetary finance.
He besides criticized the Federal Reserve’s monetary policies, which helium claims person contributed to wealthiness inequality and economical instability. He argued that backing the US dollar with Bitcoin and different hard assets would supply a hedge against ostentation and fortify the dollar’s value.
Kennedy besides addressed the planetary implications of existent U.S. monetary policies. He pointed retired that the weaponization of the dollar against different countries, specified arsenic by removing them from the SWIFT system, has accelerated efforts by nations similar those successful the BRICS radical to de-dollarize.
He warned that unless the U.S. transitions to a much sustainable fiscal strategy backed by hard assets, it risks losing its economical enactment and the dollar’s reserve currency status.
Corruption’s ‘greatest foe’
Kennedy besides emphasized Bitcoin’s relation successful protecting idiosyncratic freedom. He recounted however the Canadian truckers’ protestation and the freezing of their fiscal assets influenced his advocacy for Bitcoin and made him recognize the value of fiscal freedom.
He said:
“I realized that transactional state was arsenic important arsenic state of look successful the First Amendment.”
He besides stressed Bitcoin’s imaginable to support idiosyncratic freedoms, beforehand accountability, and combat authorities corruption, saying:
“Bitcoin is anti-war. It is simply a fierce, merciless, and insurmountable foe of authorities corruption.”
Kennedy’s program includes backing US indebtedness with hard assets, including Bitcoin, to stabilize the dollar and power inflation. “The strategy I americium proposing leverages the scarcity and liquidity of Bitcoin, on with golden and different hard assets, to reconstruct the dollar’s dominance successful planetary finance.”
Political support
Kennedy expressed optimism astir the increasing governmental enactment for Bitcoin, aiming to found the US arsenic a planetary hub for crypto innovation and investment. He besides acknowledged erstwhile President Donald Trump’s caller vocal enactment for Bitcoin and said the increasing involvement among governmental leaders was a bully thing.
Kennedy revealed that Trump mightiness denote a program to physique a “Bitcoin Fort Knox” during his upcoming code astatine the league and authorize the US authorities to bargain 1 cardinal Bitcoin arsenic a strategical reserve asset.
Kennedy expressed enactment for this imaginable move, hoping that Trump’s committedness to Bitcoin extends beyond “political expediency.” He noted that the astir cynical governmental crushed for endorsing Bitcoin would beryllium to excite the 60 cardinal American Bitcoin holders with policies that marque the worth of Bitcoin increase.
However, Kennedy hopes that Trump and different governmental leaders volition make a deeper knowing of Bitcoin’s imaginable to unafraid the US fiscal strategy and support against cyber threats.
The station RFK Jr. vows to marque Bitcoin strategical reserve asset, calls it corruption’s ‘greatest foe’ appeared archetypal connected CryptoSlate.
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