Key Points
- US presidential candidate Robert F. Kennedy Jr. proposes integrating Bitcoin into the national reserve.
- Kennedy’s plan could potentially centralize almost 50% of Bitcoin’s total supply in powerful hands.
Independent US presidential candidate Robert F. Kennedy Jr. has expressed his intention to incorporate Bitcoin (BTC) into the nation’s reserve. His plan involves urging the US government to acquire Bitcoin until its value matches the country’s gold reserves.
In a recent interview, Kennedy expressed his alignment with Bitcoin enthusiasts. He referred to Bitcoin as an “honest currency” that is decentralized, transparent, and based on proof of work.
Matching Gold Reserves
The US currently has gold reserves worth around $615 billion, equivalent to 8,134 tons of gold. To match this value with Bitcoin, the government would need to accumulate approximately 9.17 million BTC, based on the current market price of $67,000 per Bitcoin. This amount would make up around 45% of the total Bitcoin supply, positioning the US as the largest Bitcoin holder worldwide.
At present, Satoshi Nakamoto, the anonymous creator of Bitcoin, holds the most significant amount of Bitcoin units, approximately 1 million BTC. The leading corporate Bitcoin holder is the American business intelligence company MicroStrategy, which owns 226,331 BTC.
This proposal could potentially impact the decentralization of Bitcoin by concentrating almost half of the total supply in a few influential hands.
Kennedy’s Vision
Kennedy’s proposal is part of his broader vision to back government currency and debt with a diverse basket of hard assets, including gold, silver, platinum, and Bitcoin. He outlined a phased approach to introduce a new class of US Treasury bills, initially anchored to this basket by 1% in the first year, increasing to 2% in the second year, and eventually reaching 100% over time.
Kennedy has consistently supported Bitcoin throughout his campaign. He proposed placing the entire US budget on the blockchain during an April rally in Michigan, demonstrating his commitment to government transparency. He also pledged to eliminate capital gains taxes on Bitcoin.
Kennedy has expressed his intention to back the US dollar with Bitcoin if elected, arguing that this move would help stabilize the economy. He has also voiced opposition to anti-Bitcoin legislation and advocated for a crypto-friendly regulatory framework.
Trump’s Bitcoin Support
Meanwhile, speculation about former President Donald Trump’s stance on Bitcoin is mounting. Reports suggest that Trump might reveal a plan to establish a US Bitcoin reserve at the Bitcoin 2024 conference in Nashville, Tennessee. Trump has increasingly supported the crypto industry in recent years, becoming a favorite among many in the community.
When asked about Trump’s newfound support for Bitcoin, Kennedy expressed cautious optimism. He appreciated Trump’s public commitment to Bitcoin but noted Trump’s past skepticism, referring to Bitcoin as a scam.
Kennedy also expressed concerns about Trump’s sincerity, especially with his plans to appoint Jamie Dimon to run the Treasury. Kennedy fears that Trump might be swayed by entrenched bureaucratic and financial interests, potentially undermining his commitments.
Several Bitcoin community members showed their support for Kennedy in the interview video’s comment section, while others remain skeptical of his bold proposal.
