Bitcoin has emerged as a significant part of the upcoming U.S. presidential election, piquing interest among major political figures. As the election approaches, Republican presidential candidate Robert F. Kennedy Jr. called pushed the country to acquire millions of BTC as a strategic reserve asset, which he believed would strengthen the US dollar.
Kennedy Jr. Promises to Make Bitcoin a Strategic Reserve Asset
In a bold statement at the Bitcoin 2024 conference on July 26 Kennedy Jr. reiterated his plans to make Bitcoin a strategic reserve asset in the U.S. if he becomes the country’s modern president. Kennedy Jr. emphasized how including the digital asset in the country’s financial system could bolster the stability and resilience of the U.S. dollar.
Addressing the conference, the presidential candidate began by revealing his intention to issue a pro-Bitcoin executive order on the first day of his victory. The order will direct the Justice Department and U.S. Marshals to transfer approximately 200,000 BTC currently held by the U.S. government to the U.S. Treasury, where it will be held as strategic reserve assets.
In addition, Kennedy said he will issue another executive order that will require the Treasury to acquire about 550 BTC per day until the U.S. accumulates a reserve of at least 4 million BTC. Kennedy intends to equalize the U.S. BTC holdings to the gold reserve, which currently accounts for about 19% of the world’s gold reserves.
Recognition of potential BitcoinKennedy envisions BTC as a qualifying asset to be exchanged for real estate. That’s why he aspires to issue an executive order to the IRS to treat it as such when he takes the presidency.
Having been a part of the Bitcoin community for years, the cryptocurrency advocate emphasized that the most crucial aspect of the community is the unity among supporters, which reminds him of what America should be like.
For this reason, he believes that BTC is a technology of freedom, optimism, independence, democracy, and transparency. “Bitcoin is the currency of hope, it is the perfect currency,” he stated.
BTC Will Make America a Leader in Cyberspace
While Kenndy is in favor BTC as a strategic reserve asset that could strengthen the U.S. dollar, he noted that the move would make the country a leader in cyberspace, symbolizing a modern era of innovation.
What’s more, he quoted recent open support for BTC by rival presidential candidate Donald Trump. He revealed that during his next conference speech, Trump may propose a plan to authorize the US government to buy 1 million BTC as a strategic reserve asset, which would benefit the country.
Although Kennedy supported the move, he hopes trump cardthe commitment to a digital currency goes beyond political expediency, as the most cynical reason could be to excite the 60 million BTC holders with policies that will raise its price. As a result, he emphasized the need to properly understand BTC’s potential to protect the US financial system and individuals from cyber threats.
Featured image from Shutterstock, chart from Tradingview.com
