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Robert F. Kennedy Jr. going all-in on Bitcoin? Independent presidential candidate Robert F. Kennedy Jr. recently laid out an ambitious plan for integrating Bitcoin into the U.S. economy, aiming to fix what he sees as broken American money and society.
Kennedy’s Big Promises At Bitcoin Conference 2024
Speaking at the Bitcoin2024 Nashville, Kennedy promised to issue several executive orders if elected. One significant proposal involves the Justice Department and U.S. Marshals transferring 204,000 Bitcoins held by the United States to the Federal Reserve. Plus, he plans for the Treasury Department to purchase 550 Bitcoin daily until the reserve hits at least 4 million BTC.
Moreover, Kennedy believes this strategic reserve will position the U.S. for economic dominance, with the Bitcoin reserve potentially reaching values in the hundreds of trillions of dollars. Kennedy’s Bitcoin propaganda is similar to Donald Trump’s, who has also propagated Bitcoin to the US economy, while Kamala Harris’s views on the blazing topic have yet to come.
Tax Incentives and Transactional Freedom
If elected, Kennedy aims to make Bitcoin transactions more attractive by ordering all Bitcoin-to-dollar transactions to be nonreportable and nontaxable by the IRS. He also plans to make Bitcoin eligible for exchange into real property under the 1031 Exchange program, which currently incentivizes real estate investment.
Pre-War State
He further expressed his desire to leverage Bitcoin’s potential to restore transactional freedom, comparing it to freedom of expression in the First Amendment. He argued that Bitcoin could return the U.S. economy to its pre-Vietnam War state before the dollar was taken off the gold standard. He believes a Bitcoin standard could prevent wars by eliminating the ability to print money for funding.
Dollar Vs Crypto
Kennedy plans to back U.S. Treasury bills, notes, and bonds with hard assets, including precious metals and Bitcoin. This move aims to strengthen the dollar, control inflation, and usher in financial stability. By doing so, he envisions a global rush to adopt an American-backed decentralized currency.
Other Key Areas
Kennedy also intends to hire Space Force Major Jason Lowery as a national security adviser. Lowery is known for his thesis on Bitcoin as a “cyber-defense system” and “soft power projection,” which would protect online identities in cyberspace.
Kennedy’s proposals reflect a bold vision for integrating Bitcoin into the U.S. financial system and leveraging it to enhance national security and economic stability.
It will be interesting to see if Kennedy or Trump sticks to their Bitcoin-friendly policies, right?