Robert Kennedy Jr. Plans to Force the US Government to Buy Bitcoin if Elected President
Date: 2024-07-26 Author: Henry Casey Categories: CRYPTO PAYMENTS
US presidential candidate Robert Kennedy Jr. has made an ambitious statement: if he is elected president, he plans to force the US government to buy Bitcoin. This initiative involves large-scale investments in the first cryptocurrency, comparable to the country's gold reserves.
A plan to buy Bitcoin
Robert Kennedy Jr. has expressed his intention to force the federal government to start buying Bitcoin during his term. The goal is for the US to eventually have as much Bitcoin as gold.
"I would like to see the federal government start buying Bitcoin during my term as president, and eventually have as much of the asset as we have gold," Kennedy Jr. said.
US Gold Reserves
According to Decrypt, the US government is the world’s largest owner of gold, holding 8,134 tonnes of the precious metal. At current prices, these assets are valued at around $615 billion. In order to match the gold reserves of Bitcoin, the US would need to purchase 9.2 million BTC at the current rate, which is 45% of the total supply of this cryptocurrency.
Kennedy Jr. emphasizes that Bitcoin is a fair currency created on the basis of Proof-of-Work. He noted:
“Bitcoin is a fair currency, it is created on Proof-of-Work. Everything is on the ledger, it is decentralized, and that is what we need for democracy.”
Market Impact
If the US does acquire this amount of Bitcoin, it will become the world’s largest owner of this cryptocurrency, ahead of companies like MicroStrategy and BlackRock.
This is not the first time that Robert Kennedy Jr. has come up with initiatives related to blockchain and cryptocurrencies. He previously promised to transfer the country's budget to blockchain. In addition, the media recently reported that Wyoming Senator Cynthia Lummis plans to announce the development of a bill on the use of bitcoin as a strategic reserve in the United States at the Bitcoin 2024 conference.
At the time of writing, the first cryptocurrency is trading near the $67,000 mark. Robert Kennedy Jr.'s initiative can significantly change the global financial system and strengthen the position of bitcoin as a strategic asset.
