Kennedy Jr. Proposes $615 Billion Bitcoin Investment Post Election Win
Mustafa Mulla26 Jul 20243 min read
Independent presidential candidate has announced his ambitious plan to revolutionize the country’s approach towards cryptocurrencies. If he wins the election, Kennedy promises to push the federal government to invest $615 billion in Bitcoin, aiming to match the value of the nation’s gold reserves. How will this impact the market? Kennedy’s $615 Billion Bitcoin Plan In …
Independent presidential candidate Robert F Kennedy Jr Robert F Kennedy Jr Robert Francis Kennedy is an American politician, environmental lawyer, anti-vaccine activist, and conspiracy theorist. He is also the chairman and founder of Children's Health Defense, an anti-vaccine advocacy group. He was born on January 17, 1954. A member of the Kennedy family, he is a son of the U.S. attorney general and Senator Robert F. Kennedy, and a nephew of the U.S. President John F. Kennedy and Senator Ted Kennedy. Kennedy began his career as an assistant district attorney in New York City. In the mid-1980s, later he joined two nonprofits that emphasized environmental protection: Riverkeeper and the Natural Resources Defense Council Other has announced his ambitious plan to revolutionize the country’s approach towards cryptocurrencies. If he wins the election, Kennedy promises to push the federal government to invest $615 billion in Bitcoin, aiming to match the value of the nation’s gold reserves.
How will this impact the market?
Kennedy’s $615 Billion Bitcoin Plan
In a recent interview with Custodia Bank CEO Caitlin Long, hosted by YouTuber Scott Melker, Kennedy detailed his plan to align the U.S. Bitcoin holding with its country’s gold reserves. Currently, the U.S. holds 8,134 tons of gold, valued at approximately $615 billion.
However, to match this value in Bitcoin, the government would need to acquire about 9.4 million BTC nearly 45% of the total Bitcoin supply that will ever be mined. This highlights the impracticality of such an endeavor given Bitcoin’s capped supply at 21 million and current market conditions.
Kennedy described Bitcoin as an “honest currency” because of its decentralized and transparent nature. He believes that adding Bitcoin to the nation’s financial system could create a more democratic and secure economic future.
Backing Treasury Bills with a Mix of Assets
Kennedy’s proposal also includes a plan to back new U.S. Treasury bills with a mix of assets, including gold, silver, platinum, and Bitcoin. He envisions gradually increasing the use of this asset mix over time, with the goal of full backing eventually. If implemented, this plan would make the U.S. the largest Bitcoin holder globally.
Currently, MicroStrategy holds the most Bitcoin among corporations, with about 226,331 BTC valued at $14.4 billion. BlackRock’s Bitcoin ETF manages 334,000 BTC, worth $21.7 billion.
Kennedy’s vision also includes removing the capital gains tax on cryptocurrencies. This change aims to make digital assets more attractive and strengthen the U.S.’s leadership in the financial sector.
Trump to Endorse Bitcoin?
On the other hand, Former President Donald Trump, a Bitcoin supporter, might call for Bitcoin to be a strategic reserve asset in his July 27 speech at the Bitcoin Conference.
According to the Coinglass report, futures traders have mostly taken long positions. A small drop to $65,000 could risk $1.11 billion in long bets. Ahead of Trump’s speech, Bitcoin has risen to $67,400, up by 5%.
Also Read : No Settlement in Ripple vs SEC Lawsuit? Expert Bill Morgan Busts the Hype
With high-stakes plans on the table and influential figures weighing in, the next few months could usher in a new era for Bitcoin and the U.S. economy. Keep an eye on the developments—this is a story worth following.
