- In a significant move for the cryptocurrency community, U.S. presidential candidate Robert F. Kennedy Jr. has pledged to issue executive orders concerning Bitcoin on his first day in office if elected.
- Competing as an independent, Kennedy made this announcement during the Bitcoin 2024 conference held in Nashville on Friday.
- Kennedy praised former President Trump for contemplating a plan to authorize the U.S. government to purchase one million Bitcoin as a strategic reserve asset.
Presidential hopeful Robert F. Kennedy Jr. outlines ambitious Bitcoin policy proposals, aiming to significantly bolster U.S. strategic reserves.
Kennedy’s Vision for Bitcoin in U.S. Reserves
Kennedy has elaborated on a comprehensive plan to redirect approximately 200,000 Bitcoin, currently held by the U.S. government, to the Department of the Treasury. He emphasized that these assets will be considered “strategic reserves.” This initiative aims to leverage Bitcoin’s value in reinforcing national financial security.
Purchasing Bitcoin for Strategic Reserves
The candidate disclosed his intent to sign an executive order directing the U.S. Treasury to acquire 550 Bitcoin daily until it amasses a total reserve of 4 million BTC. With an estimated 21 million Bitcoin in existence, such a policy could potentially grant the U.S. control over a substantial portion of the global Bitcoin supply, enhancing its financial leverage.
Comparison with Global Gold Reserves
Drawing a parallel with the country’s gold reserves, Kennedy noted that the U.S. holds about 19% of the world’s gold. His proposed policy aims to achieve a similar percentage of total Bitcoin, offering a staggering potential for value appreciation and economic impact. He projected that such actions could catapult Bitcoin’s market valuation into the hundreds of trillions of dollars.
Tax Policies on Bitcoin Transactions
In addition to bolstering reserves, Kennedy plans to sign another executive order instructing the IRS to release a guideline declaring that transactions between Bitcoin and U.S. dollars shall not be reportable or taxable. This move could incentivize both individual and institutional participation in the Bitcoin market, potentially driving greater adoption and liquidity.
Conclusion
Robert F. Kennedy Jr.’s ambitious proposals for integrating Bitcoin into U.S. financial strategy mark a notable shift in governmental approach to cryptocurrency. By classifying Bitcoin as a strategic reserve and altering tax regulations, Kennedy aims to secure a substantial economic position for the U.S. in the evolving global financial landscape. These plans, if enacted, could significantly influence the future trajectory of Bitcoin and its role within the American economy.
