- U.S. Independent Presidential candidate Robert F. Kennedy Jr. has announced an ambitious plan to increase the country’s Bitcoin reserves to match its $615 billion gold reserves.
- During a recent interview, Kennedy discussed his intention to push the federal government to purchase Bitcoin until it reaches the value of the U.S.’s gold reserves.
- “Bitcoin is a currency of honesty. It operates on proof-of-work, is decentralized, and aligns with what we need in a democracy,” Kennedy commented.
Presidential candidate Robert F. Kennedy Jr. proposes a $615 billion Bitcoin investment to mirror U.S. gold reserves, aiming to make the U.S. the largest Bitcoin holder globally.
RFK Jr. Advocates for $615 Billion Bitcoin Investment
In an interview hosted by Custodia Bank CEO Caitlin Long and YouTuber Scott Melker, Robert F. Kennedy Jr. revealed his plan to equate the U.S. government’s Bitcoin holdings with its massive gold reserves. According to Kennedy, the federal government should continue acquiring Bitcoin until it matches the $615 billion value of the country’s 8,134 tons of gold. Such an investment would require approximately 9.4 million BTC, accounting for nearly 45% of the total Bitcoin supply.
Alignment with Broader Economic Principles
Kennedy’s proposal is consistent with his broader vision of backing government currency and debt with a basket of hard assets, including gold, silver, platinum, and Bitcoin. He suggests that new U.S. Treasury bonds be pegged to this diversified asset basket, starting at 1% in the first year and gradually increasing to 100% over time. This plan aims to stabilize and strengthen the country’s financial position by incorporating a mix of traditional and digital assets.
Potential Global Impact
Should this plan come to fruition, the United States would become the largest Bitcoin holder worldwide. Currently, the largest corporate holder of Bitcoin is MicroStrategy, with a substantial holding of 226,331 BTC valued at approximately $14.41 billion. Additionally, the largest Bitcoin ETF, managed by BlackRock, controls about 334,000 BTC worth around $21.73 billion. Kennedy’s proposal would exponentially increase these figures, positioning the U.S. as a significant player in the cryptocurrency market.
Conclusion
Robert F. Kennedy Jr.’s ambitious plan to equate the U.S. gold reserves with Bitcoin holdings represents a bold move towards integrating digital assets into the national financial strategy. By backing government debt with a diversified portfolio of hard currencies, the proposal aims to fortify economic stability and position the United States as a leading force in the global cryptocurrency landscape. The potential outcomes of such a policy could redefine financial norms and solidify the U.S. as a pioneer in adopting a multi-faceted approach to economic resilience.
