Robert F. Kennedy Jr. Vows to Buy 550 Bitcoin Daily for U.S. Reserve If Elected
At Bitcoin 2024 today, Robert F. Kennedy Jr. threw out some pretty radical ideas about how he plans to integrate Bitcoin into the U.S. economy if he wins the election.
The big plan? Start scooping up Bitcoin daily and use it to strengthen the U.S. financial system.Â
Kennedy got this idea to transfer the 204,000 Bitcoin that the Justice Department and U.S. Marshalls have stashed away to the Federal Reserve.Â
He calls Bitcoin a âstrategic asset,â which he thinks can give the U.S. a big leg up on the global stage. He wants the Treasury Department to buy 500 Bitcoin every day until the reserve hits 4 million BTC.Â
He claims this move will put the U.S. in a dominant position, with the Bitcoin stash potentially worth âhundreds of trillions of dollars.â
Shaking up taxes and financial rules with Bitcoin
Kennedy also said he wants to make all Bitcoin-to-dollar transactions nonreportable and nontaxable, which means the IRS wouldnât get involved. This, he says, would give people âtransactional freedom,â kind of like the freedom of speech.
He added that he wants to make Bitcoin eligible for exchange into real property under the 1031 Exchange program, which currently gives tax breaks for real estate deals.Â
By including Bitcoin, heâs hoping to kickstart some economic growth and innovation. Kennedyâs basically saying that Bitcoin can help bring the U.S. economy back to the good old days before Nixon took the dollar off the gold standard in the â70s.
Kennedy called Americaâs fiat currency a tool for funding wars. He even went as far as to say that a Bitcoin standard could potentially prevent conflicts since you canât just print Bitcoin to fund a war.
The presidential candidateâs Bitcoin plans also dip into national security. Heâs talking about bringing in Space Force Major Jason Lowery as a national security adviser.Â
Loweryâs known for some pretty unconventional ideas himself, like seeing Bitcoin as a âcyber-defense systemâ and a way to project âsoft powerâ in the world.#ETH_ETFs_Trading_Today $BTC $ETH $BNB