- Robert F. Kennedy Jr. recently proposed the idea of the federal government purchasing Bitcoin to match the value of the United States’ gold reserves.
- U.S. gold reserves currently stand at approximately 8,133 tonnes, valued at around $615 billion, which translates to about 9.4 million BTC.
- In an interview with Custodia Bank CEO Caitlin Long and YouTuber Scott Melker, Kennedy described Bitcoin as an “honest currency” comparable to gold.
Robert F. Kennedy Jr. suggests that the federal government should procure Bitcoin to match the nation’s gold reserves, emphasizing its potential as an honest and divisible currency.
RFK Jr. Advocates Federal Bitcoin Acquisition
Robert F. Kennedy Jr. has proposed that the federal government should acquire Bitcoin equivalent to the value of America’s gold reserves. With the U.S. gold reserves estimated at 8,133 tonnes and valued around $615 billion, this would translate into approximately 9.4 million BTC, which is nearly 45% of Bitcoin’s total supply. Kennedy emphasized Bitcoin’s role as an “honest currency,” likening its intrinsic value to that of gold but with the added advantage of being infinitely divisible. His remarks were made during an interview with Caitlin Long, CEO of Custodia Bank, and YouTuber Scott Melker.
Bitcoin versus Gold: Comparing Value and Utility
Highlighting the distinctive features of Bitcoin, Kennedy remarked that while gold has been historically valued for its stability and intrinsic worth, Bitcoin surpasses it with the advantage of divisibility and digital utility. He praised Bitcoin for embodying decentralization and transparency, elements that foster trust and appeal in the modern financial ecosystem. Kennedy’s vision includes introducing a new class of Treasury bills backed partly by a diversified basket of assets, including gold, silver, and Bitcoin, over a phased timeline to enhance national financial stability.
Presidential Candidates and Their Stance on Cryptocurrency
Kennedy’s openness to Bitcoin also comes amidst a politically charged atmosphere where cryptocurrency adoption could become a key issue. He expressed satisfaction with Donald Trump’s newfound interest in Bitcoin, marking a significant shift in Trump’s previous stance. Trump’s potential announcement at the ongoing Bitcoin Conference in Nashville is anticipated with much interest from the crypto community. While rival candidate Kamala Harris has maintained a more reserved approach toward cryptocurrency, she is making efforts to understand its implications for her voter base.
The Strategic Vision for Cryptocurrency Integration
In his broader economic strategy, Kennedy envisions backing U.S. government fiat currency and debt with hard assets, inherently including Bitcoin. He advocates for a phased approach, starting with a 1% backing in the first year and scaling up to 100% over time. He asserts that such measures are crucial for decentralizing and democratizing the financial system. Kennedy believes that Americans invested in Bitcoin see it as a pathway to combat government corruption and to uphold personal freedoms and self-sovereignty.
Conclusion
Kennedy’s call for the federal government to buy Bitcoin highlights a significant shift toward integrating cryptocurrency into national economic strategies. By comparing Bitcoin to gold and emphasizing its unique advantages, Kennedy aims to present a future where national financial health is supported by diverse and decentralized assets. As the political landscape around cryptocurrency evolves, the advocacy from major figures like Kennedy will undoubtedly shape its adoption and regulatory path forward.
