Robert Kennedy Jr. (an independent candidate for US president) unveiled a bold plan during the Industry Day of the Bitcoin Conference in Nashville, Tennessee. financial Plan that would make the United States the largest Bitcoin holder in the world. This policy focuses on the acquisition of Bitcoins, worth $619 billion to match current US gold reserves. Kennedy Jr. claims that the move is meant to reshape monetary policies and improve fiscal discipline for federal governments.
Kennedy Jr. Donald Trump
A round table is a good way to learn about the topic. discussion Kennedy Jr. stressed the alignment of his policies with those of the Bitcoin Community, including the ideals of freedom of the individual, ownership rights and integrity of government. “This is more than about increasing the size of your pile,” Kennedy Jr. highlighted Bitcoin’s ability to increase self-sovereignty, and combat what he calls a “destructive war economy” Driven by fiat currency
“Bitcoin is not only an offramp to this inflationary highway which is the highway to hell, but it also is a way of restoring integrity to our government. It’s a way of restoring personal freedoms, it’s a way the middle class can isolate itself from inflation which is just a form of government theft,” Independent candidate declared
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Kennedy Jr. has drawn a distinction between his advocacy for Bitcoin, which he’s been consistent with over the years and other currencies. recent supportive gestures The former president Donald Trump is scheduled to speak on Saturday. Kennedy highlighted Trump’s previous skepticism, and his controversial recent decision to possibly appoint JPMorgan Chief Executive Jamie Dimon to Treasury Secretary. Kennedy criticised this as being contrary to Kennedy’s ethos to drain the political system. “swamp.”
Then, he added: “President Trump also was connected with Steve Mnuchin who tried to end person-to-person Bitcoin transactions,” It is important to be cautious when dealing with Trump’s renewed enthusiasm for Bitcoin.
Kennedy Jr. has also revealed his plan of integrating Bitcoin incrementally into the US Treasury. Starting with the issuance of treasury bills anchored to a basket of hard currencies—including platinum and gold—Kennedy proposed a phased approach that would begin with 1% of new treasury issuances backed by these hard assets, scaling up to 100% over time.
US Would Have to Buy $619 Billion in Bitcoin
“I would be willing to add Bitcoin to the balance sheet. I’m going to do that. I’m gonna actually do a basket of hard currencies of maybe platinum and gold and other hard currencies and begin issuing at least the class of treasury bills that are anchored to hard currency. Let’s say the first year by 1% and then maybe the next year by 2% to watch how that goes because that will inject discipline into the product and ultimately get up to 100%,” Kennedy Jr. explained.
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His strategy includes direct Bitcoin purchases to reach holdings equal to US gold reserves. “I would like to have the federal government begin to buy Bitcoin and over the term my term of office ultimately have an equivalent amount of Bitcoin that we have gold. Because Bitcoin is an honest currency, it’s a currency that’s based upon proof of work,” he declared.
As per data Arkham has revealed that the US government holds 213,239 BTC valued at $14.3 billion, confiscated from law enforcement. This means that even if Kennedy transferred all these BTC into a Strategic Reserve, the US still would have to purchase a lot more BTC, at current prices.
Gold reserves held by the US are the most significant in the world. They amount to 8,134 tonnes of gold, valued at $619 billion. At current Bitcoin prices, it would take about 9.4 Million BTC to match the value of this gold. This would amount to nearly 45% (or 21,000,000 BTC) of all the BTC ever mined.
Perspective MicroStrategyThe largest Bitcoin corporate owner is. It owns 226 331 BTC. BlackRockThe largest Bitcoin ETF Manager, which controls 334,000 BTC.
BTC was trading at $66,976 as of the time this article went to press.
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Source: www.newsbtc.com