Robert Kennedy Jr., an independent candidate for the US presidency, recently revealed an ambitious financial policy plan during the industry day of the annual Bitcoin conference in Nashville, Tennessee. His plan revolves around the strategic acquisition of Bitcoin to match the current US gold reserves, which is valued at $619 billion. Kennedy’s goal is to transform the United States into the world’s largest holder of Bitcoin, emphasizing the importance of redefining monetary policy and enhancing fiscal discipline within the federal government. This move is not only about increasing the size of assets but also about aligning with the ideals of personal freedom, property rights, and governmental integrity which are highly valued in the Bitcoin community.
During a roundtable discussion with industry experts Scott Melker and Caitlyn Long, CEO of Custodia Bank, Kennedy Jr. underscored the philosophical alignment between his policies and the values held by the Bitcoin community. He believes that Bitcoin has the potential to enhance self-sovereignty and counteract what he describes as a “destructive war economy” driven by fiat currency. Kennedy Jr. sees Bitcoin as a way of restoring integrity to the government, empowering personal freedoms, and protecting the middle class from inflation, which he views as a form of government theft. His consistent advocacy for Bitcoin contrasts with the recent gestures from former President Donald Trump, who has shown newfound enthusiasm for the cryptocurrency but was previously skeptical.
Kennedy Jr. outlined a strategic plan to incrementally integrate Bitcoin into the US treasury. He proposed starting with the issuance of treasury bills anchored to a basket of hard currencies, including platinum and gold. Kennedy’s phased approach would involve gradually increasing the percentage of new treasury issuances backed by hard assets, with the ultimate goal of reaching 100% over time. He expressed willingness to add Bitcoin to the balance sheet, advocating for a cautious and disciplined approach towards incorporating the cryptocurrency into the US treasury. Kennedy emphasized the need for direct purchases of Bitcoin to achieve holdings equivalent to the US gold reserves, stressing the honesty and proof of work underlying Bitcoin’s value.
Kennedy’s plan to acquire a significant amount of Bitcoin to match the US gold reserves poses several challenges and implications. At present, the US government holds around 213,239 BTC worth $14.3 billion, which is a fraction of what would be needed to reach the equivalent value of the US gold reserves. To match the current value of gold holdings with Bitcoin, the US would need to acquire approximately 9.4 million BTC, representing a substantial portion of the total Bitcoin supply. This ambitious acquisition strategy would require careful planning and execution to prevent market disruptions and ensure financial stability.
Robert Kennedy Jr.’s financial policy plan to make the United States the world’s largest holder of Bitcoin is both ambitious and unprecedented. By aligning with the values of the Bitcoin community and advocating for the strategic integration of Bitcoin into the US treasury, Kennedy Jr. aims to redefine monetary policy and enhance fiscal discipline within the federal government. However, the challenges and implications of such a plan cannot be overlooked, as it would require significant resources, careful management, and a cautious approach to ensure its success. Only time will tell whether Kennedy’s vision for Bitcoin in the US treasury will become a reality.
