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RFK Jr. Vows to Turn Bitcoin Into a Strategic Reserve, Calls It Corruption’s ‘Greatest Enemy’
Candidate for President by Robert F. Kennedy Jr. has pledged to sign an executive order on his first day in office if elected that would make Bitcoin a strategic reserve for the United States.
Addressing attendees at the Bitcoin2024 conference on July 26, Kennedy outlined a vision in which Bitcoin would play a key role in improving America’s economic stability and strategic position. This is his second appearance at the event, making him one of the longest-standing proponents of the flagship cryptocurrency in U.S. political leadership.
In addition to creating a significant reserve of Bitcoin, Kennedy has promised to issue executive orders that would make Bitcoin transactions with the U.S. dollar unreportable and untaxable. He also plans to recognize Bitcoin as an eligible asset for 1031 real estate exchanges.
Strategic Reserve
Kennedy said the first-day executive order would direct the Justice Department and the U.S. Marshals to transfer approximately 200,000 bitcoins currently held by the U.S. government to the Treasury, designating them as a strategic asset.
It would also order the Treasury to purchase 550 BTC per day until the U.S. accumulates a reserve of 4 million Bitcoin, representing just under 20% of the total supply. Kennedy said:
“This policy will give us roughly the same percentage of total Bitcoin as our nation’s global gold reserves.”
Kennedy’s plan includes backing U.S. debt with hard assets, including Bitcoin, to stabilize the dollar and control inflation. He believes that leveraging Bitcoin’s scarcity and liquidity, along with gold and other hard assets, will restore the dollar’s dominance in global finance.
He also criticized the Federal Reserve’s monetary policies, which he said contributed to wealth inequality and economic instability. He argued that backing the U.S. dollar with Bitcoin and other durable assets would provide a hedge against inflation and strengthen the dollar’s value.
Kennedy also addressed the international implications of current U.S. monetary policies. He noted that the militarization of the dollar against other countries, such as by removing them from the SWIFT system, has accelerated efforts by nations such as the BRICS group to de-dollarize.
He warned that if the United States does not shift to a more sustainable financial strategy, backed by real assets, it risks losing its economic leadership and the dollar’s reserve currency status.
Corruption’s “Greatest Enemy”
Kennedy also highlighted Bitcoin’s role in protecting individual freedom. He described how the protests of Canadian truckers and the freezing of their financial assets influenced his advocacy for Bitcoin and made him realize the importance of financial freedom.
He said:
“I realized that transactional freedom was as important as freedom of expression in the First Amendment.”
He further highlighted Bitcoin’s potential to protect personal freedoms, promote accountability, and fight government corruption, saying:
“Bitcoin is anti-war. It is a vicious, ruthless, and insurmountable enemy of government corruption.”
Kennedy’s plan includes backing U.S. debt with hard assets, including Bitcoin, to stabilize the dollar and control inflation. “The strategy I propose leverages the scarcity and liquidity of Bitcoin, along with gold and other hard assets, to restore the dollar’s dominance in global finance.”
Political support
Kennedy expressed optimism about growing political support for Bitcoin, with the goal of establishing the United States as a global hub for cryptocurrency innovation and investment. He also acknowledged former President by Donald Trump recently expressed strong support for Bitcoin and said that growing interest among political leaders is a good thing.
Kennedy revealed that Trump may announce a plan to build a “Bitcoin Fort Knox” during his next conference speech and authorize the U.S. government to purchase 1 million bitcoins as a strategic reserve.
Kennedy expressed support for the potential move, hoping that Trump’s commitment to Bitcoin would go beyond “political expediency.” He noted that the most cynical political reason to support Bitcoin would be to excite the 60 million American Bitcoin holders with policies that would increase the value of Bitcoin.
However, Kennedy hopes that Trump and other political leaders will develop a deeper understanding of Bitcoin’s potential to secure the U.S. financial system and protect it from cyber threats.