Presidential candidate Robert F. Kennedy Jr. has introduced his intention to improve the US authorities’s Bitcoin (BTC) holdings if elected.
Talking in an interview on the Bitcoin Convention, Kennedy revealed his plan to push the federal authorities to buy Bitcoin till its holdings equal the worth of the nation’s gold reserves.
Presently, the US holds 8,134 tons of gold, valued at roughly $615 billion. To match this in Bitcoin, the federal government would want to accumulate round 9.4 million BTC at present costs, which accounts for practically 45% of the full Bitcoin provide that may ever exist.
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Kennedy elaborated that the Bitcoin acquisition is a part of a technique to again authorities forex and debt with a mixture of onerous property, together with gold, silver, platinum, and BTC. He envisions introducing a brand new class of US Treasury payments that will be “anchored” to those property, beginning with a 1% backing within the first 12 months and progressively growing to 100%.
He mentioned:
Bitcoin is an sincere forex. It is a forex that is based mostly on Proof-of-Work. Every part’s on the ledger, it is decentralized, and that is what we have to do with democracy.
If applied, this coverage would make america the most important holder of Bitcoin globally. For comparability, MicroStrategy, the most important company holder of Bitcoin, owns 226,331 BTC valued at $14.41 billion. Reaching a $615 billion Bitcoin reserve wouldn’t solely dwarf these holdings but additionally probably elevate Bitcoin costs, benefiting present traders.
Kennedy’s stance marks a departure from typical monetary insurance policies and highlights the rising affect of digital currencies in mainstream political discourse.
In different information, billionaire entrepreneur Mark Cuban lately mentioned that presidential candidate Kamala Harris is likely to be extra supportive of crypto than President Joe Biden.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Battle II period.With near a decade of expertise within the FinTech business, Aaron understands all the greatest points and struggles that crypto fans face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to individual for every little thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to rework the house as we all know it, and make it extra approachable to finish newbies.Aaron has been quoted by a number of established retailers, and is a broadcast writer himself. Even throughout his free time, he enjoys researching the market tendencies, and searching for the subsequent supernova.
