Presidential candidate Robert F. Kennedy Jr. has announced his intention to increase the US government’s Bitcoin (BTC) holdings if elected.
Speaking in an interview at the Bitcoin Conference, Kennedy revealed his plan to push the federal government to purchase Bitcoin until its holdings equal the value of the country’s gold reserves.
Currently, the US holds 8,134 tons of gold, valued at approximately $615 billion. To match this in Bitcoin, the government would need to acquire around 9.4 million BTC at current prices, which accounts for nearly 45% of the total Bitcoin supply that will ever exist.
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Kennedy elaborated that the Bitcoin acquisition is part of a strategy to back government currency and debt with a mix of hard assets, including gold, silver, platinum, and BTC. He envisions introducing a new class of US Treasury bills that would be “anchored” to these assets, starting with a 1% backing in the first year and progressively increasing to 100%.
He said:
Bitcoin is an honest currency. It’s a currency that’s based on Proof-of-Work. Everything’s on the ledger, it’s decentralized, and that’s what we need to do with democracy.
If implemented, this policy would make the United States the largest holder of Bitcoin globally. For comparison, MicroStrategy, the largest corporate holder of Bitcoin, owns 226,331 BTC valued at $14.41 billion. Achieving a $615 billion Bitcoin reserve would not only dwarf these holdings but also likely elevate Bitcoin prices, benefiting current investors.
Kennedy’s stance marks a departure from conventional financial policies and highlights the growing influence of digital currencies in mainstream political discourse.
In other news, billionaire entrepreneur Mark Cuban recently said that presidential candidate Kamala Harris might be more supportive of crypto than President Joe Biden.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
