Independent presidential candidate Robert F. Kennedy announced that his administration would use Bitcoin to stabilize the U.S. dollar. RF Kennedy Jr. intends to achieve this objective by establishing a strategic reserve backed by Bitcoin.
Crypto has become a focal point for the ongoing U.S. presidential campaigns ahead of November’s scheduled ballot. Presidential aspirants Robert F. Kennedy Jr. and Donald J. Trump have publicly endorsed Bitcoin and have continuously used the digital asset as a central campaign element.
RF Kennedy Jr. spoke at the Bitcoin 2024 conference. He highlighted his plans to crown Bitcoin as a strategic reserve asset for America should he become the 47th U.S. president. According to RF Kennedy Jr., integrating Bitcoin into the U.S. financial ecosystem could enhance dollar stability and strengthen the American economy.
RF Kennedy Jr. plans to purchase 550 BTC daily once elected
Want to know my stance on #Bitcoin? Here’s what I’ll do. pic.twitter.com/H5ijWQTfIE
— Robert F. Kennedy Jr (@RobertKennedyJr) July 27, 2024
The independent candidate emphasized that he would sign a pro-Bitcoin executive order immediately after taking the oath of office. The policy will demand the U.S. Marshals Service and the U.S. Department of Justice (DOJ) to transfer BTC holdings in their possession to the U.S. Treasury to be utilized as strategic reserve assets.
According to the presidential candidate, the U.S. government has over 200,000 BTC (worth approximately $13 billion) seized by these two law enforcement agencies. RFK Jr. referred to Bitcoin as a currency of hope powered by technology for optimism, democracy, transparency, freedom, and independence.
Kennedy also hinted at signing another Bitcoin executive order that would instruct the US Treasury to build up the strategic BTC reserve. Under his administration, Kennedy said the U.S. Treasury will purchase 550 bitcoins daily to achieve the intended target of 4 million BTC.
Kennedy’s plan involves increasing America’s BTC holdings to match its Gold strategy. The U.S. owns 19% of the global Gold reserve (worth $615 billion).
“Our nation holds approximately 19% of global Gold reserves. This policy will give us about the same proportion of total Bitcoin.”
RF Kennedy also said during his speech that BTC is eligible for use as an asset of exchange. He said that he would sign another executive order on his first day in office to the IRS to identify all transactions involving Bitcoin and the U.S. dollar as non-reportable and non-taxable transactions.
Republican candidate Trump speaks at the Bitcoin 2024 conference
Trump, the Republican Party’s frontrunner for president, also spoke at the event on Saturday. Trump promised to fire U.S. Securities and Exchange Commission chair Gary Gensler once re-elected. He also mentioned that he would establish an advisory board headed by pro-crypto individuals to formulate regulations to govern the crypto industry.
Democrat presidential candidate Kamala Harris declined an invitation to speak at the event. Harris is yet to reveal her stance on crypto. However, her advisers have allegedly initiated plans to “reset” the relationship between the Democratic Party and top crypto companies.
