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.
At present, the US holds 8,134 tons of gold, valued at roughly $615 billion. To match this in Bitcoin, the federal government would wish to accumulate round 9.4 million BTC at present costs, which accounts for almost 45% of the overall 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 foreign money and debt with a mixture of arduous property, together with gold, silver, platinum, and BTC. He envisions introducing a brand new class of US Treasury payments that may be “anchored” to those property, beginning with a 1% backing within the first 12 months and progressively growing to 100%.
He stated:
Bitcoin is an trustworthy foreign money. It is a foreign money that is primarily based on Proof-of-Work. All the pieces’s on the ledger, it is decentralized, and that is what we have to do with democracy.
If applied, this coverage would make the US 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. Attaining a $615 billion Bitcoin reserve wouldn’t solely dwarf these holdings but in addition seemingly elevate Bitcoin costs, benefiting present traders.
Kennedy’s stance marks a departure from standard monetary insurance policies and highlights the rising affect of digital currencies in mainstream political discourse.
In different information, billionaire entrepreneur Mark Cuban not too long ago stated that presidential candidate Kamala Harris is perhaps 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 trade, Aaron understands the entire 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 trade newcomers.Aaron is the go-to particular person for all the things and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to remodel the house as we all know it, and make it extra approachable to finish novices.Aaron has been quoted by a number of established shops, and is a printed writer himself. Even throughout his free time, he enjoys researching the market tendencies, and on the lookout for the following supernova.
