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

1 month ago

During the manufacture time of the yearly Bitcoin league successful Nashville, Tennessee, Robert Kennedy Jr., an autarkic campaigner for the US presidency, unveiled an ambitious fiscal argumentation program that could alteration the United States into the world’s largest holder of Bitcoin. The argumentation centers connected the strategical acquisition of Bitcoin, valued astatine $619 billion, to lucifer the existent US golden reserves. This move, according to Kennedy Jr., is aimed astatine redefining monetary argumentation and enhancing fiscal subject wrong the national government.

Kennedy Jr. Vs. Donald Trump

During a roundtable discussion with Scott Melker and Caitlyn Long, CEO of Custodia Bank, Kennedy Jr. emphasized the philosophical alignment betwixt his policies and the Bitcoin community’s ideals of idiosyncratic freedom, spot rights, and governmental integrity. “This is much than astir expanding the size of your pile,” Kennedy Jr. said, underlining Bitcoin’s imaginable to heighten self-sovereignty and counteract what helium describes arsenic a “destructive warfare economy” driven by fiat currency.

“Bitcoin is not lone an offramp to this inflationary road which is the road to hell, but it besides is simply a mode of restoring integrity to our government. It’s a mode of restoring idiosyncratic freedoms, it’s a mode the mediate people tin isolate itself from ostentation which is conscionable a signifier of authorities theft,” the autarkic campaigner stated.

Kennedy Jr. drew a opposition betwixt his accordant advocacy for Bitcoin and the caller supportive gestures from erstwhile President Donald Trump, who volition talk astatine the league connected Saturday. Kennedy pointed retired Trump’s anterior skepticism and his caller arguable determination to perchance name JPMorgan CEO Jamie Dimon arsenic Treasury Secretary, which Kennedy criticized arsenic contrary to the ethos of draining the governmental “swamp.”

He added, “President Trump besides was connected with Steve Mnuchin who tried to extremity person-to-person Bitcoin transactions,” emphasizing the request for a cautious attack towards Trump’s newfound enthusiasm for Bitcoin.
Moreover, Kennedy Jr. elaborate his program to incrementally integrate Bitcoin into the US treasury. Starting with the issuance of treasury bills anchored to a handbasket of hard currencies—including platinum and gold—Kennedy projected a phased attack that would statesman with 1% of caller treasury issuances backed by these hard assets, scaling up to 100% implicit time.

US Would Need To Buy $619 Billion In Bitcoin

“I would beryllium consenting to adhd Bitcoin to the equilibrium sheet. I’m going to bash that. I’m gonna really bash a handbasket of hard currencies of possibly platinum and golden and different hard currencies and statesman issuing astatine slightest the people of treasury bills that are anchored to hard currency. Let’s accidental the archetypal twelvemonth by 1% and past possibly the adjacent twelvemonth by 2% to ticker however that goes due to the fact that that volition inject subject into the merchandise and yet get up to 100%,” Kennedy Jr. explained.

Notably, his strategy would impact nonstop purchases of Bitcoin to execute holdings equivalent to the US golden reserves. “I would similar to person the national authorities statesman to bargain Bitcoin and implicit the word my word of bureau yet person an equivalent magnitude of Bitcoin that we person gold. Because Bitcoin is an honorable currency, it’s a currency that’s based upon impervious of work,” helium declared.

According to data by Arkham, the US authorities presently holds 213,239 BTC worthy $14.3 cardinal confiscated done instrumentality enforcement. That means, adjacent if Kennedy would transportation each of these into a strategical reserve, the US would request to bargain overmuch much BTC astatine existent prices.

The US presently holds the largest authoritative golden reserves successful the world, with 8,134 tons of golden valued astatine astir $619 billion. To lucifer this worth with Bitcoin astatine existent prices would necessitate purchasing astir 9.4 cardinal BTC. This acquisition would correspond astir 45% of the full 21 cardinal BTC that volition ever beryllium mined.

For perspective, MicroStrategy, the largest firm holder of Bitcoin, owns 226,331 BTC, and BlackRock, the largest spot Bitcoin ETF manager, controls 334,000 BTC.

At property time, BTC traded astatine $66,976.