Kennedy’s Proposal
Robert F. Kennedy Jr., a U.S. presidential candidate, has pledged to pressure the government to purchase over 9 million Bitcoin (BTC) to integrate into the national reserve. This proposal aims to match the value of U.S. gold reserves with Bitcoin, highlighting his alignment with Bitcoiners and his view of Bitcoin as an “honest currency.”
Aligning with Bitcoin
Kennedy emphasized his alignment with Bitcoin, describing it as decentralized, transparent, and based on proof of work. He has previously spoken about the importance of Bitcoin in ensuring transactional freedom, contrasting it with the potential risks posed by central bank digital currencies (CBDCs).
Potential Impact on Bitcoin Supply
If Kennedy’s plan materializes, the U.S. would need to acquire around 9.17 million BTC to match the value of its gold reserves, approximately $615 billion. This amount represents roughly 45% of the total Bitcoin supply, making the U.S. the largest Bitcoin holder worldwide.
Comparison with Gold Reserves
The U.S. currently holds 8,134 tons of gold. At Bitcoin’s value of $67,000, the government would need to accumulate the aforementioned amount of BTC to match its gold reserves. This significant acquisition would position Bitcoin alongside traditional assets in national reserves.
Implications for Bitcoin Ownership
Kennedy’s proposal underscores the growing interest in Bitcoin among political figures and its potential role in national financial strategies. By advocating for Bitcoin, Kennedy aims to address concerns over CBDCs and promote transactional freedom through decentralized means.
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