Robert F. Kennedy Jr. proposes daily Treasury purchases of Bitcoin to build a 4 million Bitcoin reserve, boosting U.S. economic power.
Kennedy’s plan includes making Bitcoin-dollar transactions non-taxable and integrating Bitcoin into the 1031 Exchange for real property.
Kennedy aims to back U.S. debt with Bitcoin and gold, enhancing financial stability and controlling inflation.
Robert F. Kennedy Jr., an independent presidential candidate, gave a comprehensive presentation on the roadmap for Bitcoin adoption in the US at the Bitcoin 2024 event. If elected president, he plans to sign several of the executive directives in his proposal into law.
BREAKING: US Presidential candidate Robert Kennedy F. Jr. says he will sign an executive order for the US to buy 550 #Bitcoin a day until they build a reserve of 4 million BTC if elected president. pic.twitter.com/X8Dst1yxBR
— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024
Strategic Bitcoin Reserves
Kennedy intends to provide the Federal Reserve 204,000 Bitcoin that the US has stored as a “strategic asset.” He also suggests mandating that the Treasury Department buy 500 Bitcoin every day until the reserve reaches a minimum of 4 million Bitcoin. In the world economy, this would establish the United States as a major force.
Besides, Kennedy’s plan addresses tax policy. He promises to make transactions between Bitcoin and the dollar non-reportable and non-taxable by the IRS. Furthermore, he suggests treating Bitcoin as eligible for exchange into real property under the 1031 Exchange program. This program currently provides incentives for real estate investment.
Transactional Freedom and Economic Stability
Kennedy drew parallels between transactional freedom and freedom of expression. He argued that Bitcoin could help restore the U.S. economy to its pre-Vietnam War condition. He claimed that a global Bitcoin standard could prevent wars by eliminating the ability to print currency to fund conflicts.
Other aspects of Kennedy’s plan include hiring Space Force Major Jason Lowery as a national security adviser. Furthermore, he intends to use hard assets like Bitcoin and precious metals to support US Treasury securities. He thinks that by taking these steps, we can bring in a new period of financial stability, contain inflation, and strengthen the dollar.
Kennedy emphasized Bitcoin’s role in protecting individual freedom. He recounted how the Canadian truckers’ protest and the freezing of their financial assets influenced his advocacy for Bitcoin. He said, “I realized that transactional freedom was as important as freedom of expression in the First Amendment.”
He stressed Bitcoin’s potential to protect personal freedoms, promote accountability, and combat government corruption. He stated, “Bitcoin is anti-war. It is a fierce, merciless, and insurmountable foe of government corruption.”
Political Support and Future Plans
Kennedy also intends to use tangible assets, like as Bitcoin, to support US debt in order to keep inflation under control and the USD stable. The dollar will once again rule international finance, in his opinion, if Bitcoin’s scarcity, liquidity, gold, and other hard assets are harnessed.
Additionally, Kennedy expressed optimism about the growing political support for Bitcoin. He wants to make the United States a centre of innovation and investment in cryptocurrency worldwide.
He said that former US President Donald Trump has recently shown strong support for Bitcoin. Kennedy revealed that Trump might announce a plan to build a “Bitcoin Fort Knox” and authorize the U.S. government to buy 1 million Bitcoin as a strategic reserve asset.
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