Presidential candidate Robert F. Kennedy Jr. has introduced his intention to improve the US authorities’s Bitcoin (BTC) holdings if elected.
Talking in an interview on the Bitcoin Convention, Kennedy revealed his plan to push the federal authorities to buy Bitcoin till its holdings equal the worth of the nation’s gold reserves.
At the moment, the US holds 8,134 tons of gold, valued at roughly $615 billion. To match this in Bitcoin, the federal government would want to accumulate round 9.4 million BTC at present costs, which accounts for practically 45% of the whole Bitcoin provide that may ever exist.
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Kennedy elaborated that the Bitcoin acquisition is a part of a method to again authorities forex and debt with a mixture of laborious property, together with gold, silver, platinum, and BTC. He envisions introducing a brand new class of US Treasury payments that might be “anchored” to those property, beginning with a 1% backing within the first yr and progressively rising to 100%.
He mentioned:
Bitcoin is an sincere forex. It is a forex that is based mostly on Proof-of-Work. Every part’s on the ledger, it is decentralized, and that is what we have to do with democracy.
If carried out, this coverage would make the USA the most important holder of Bitcoin globally. For comparability, MicroStrategy, the most important company holder of Bitcoin, owns 226,331 BTC valued at $14.41 billion. Reaching a $615 billion Bitcoin reserve wouldn’t solely dwarf these holdings but additionally doubtless elevate Bitcoin costs, benefiting present buyers.
Kennedy’s stance marks a departure from typical monetary insurance policies and highlights the rising affect of digital currencies in mainstream political discourse.
In different information, billionaire entrepreneur Mark Cuban lately mentioned that presidential candidate Kamala Harris could be extra supportive of crypto than President Joe Biden.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Struggle II period.With near a decade of expertise within the FinTech trade, Aaron understands the entire greatest points and struggles that crypto fans face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.Aaron is the go-to individual for every little thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to rework the house as we all know it, and make it extra approachable to finish learners.Aaron has been quoted by a number of established retailers, and is a printed creator himself. Even throughout his free time, he enjoys researching the market traits, and on the lookout for the following supernova.
