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Independent presidential candidate Robert F. Kennedy Jr. has announced his ambitious plan to revolutionize the country’s approach towards cryptocurrencies. If he wins the election, Kennedy promises to push the federal government to invest $615 billion in Bitcoin, aiming to match the value of the nation’s gold reserves.
Kennedy’s $615 Billion Bitcoin Plan
In a recent interview with Custodia Bank CEO Caitlin Long, hosted by YouTuber Scott Melker, Kennedy detailed his plan to align the U.S. Bitcoin holding with its country’s gold reserves. Currently, the U.S. holds 8,134 tons of gold, valued at approximately $615 billion.
However, to match this value in Bitcoin, the government would need to acquire about 9.4 million BTC nearly 45% of the total Bitcoin supply that will ever be mined.
Further Kennedy described Bitcoin as an “honest currency” due to its decentralized and transparent nature. He believes that integrating Bitcoin into the nation’s financial system would support a more democratic and secure economic future.
Integrating Bitcoin with Treasury Bills
Kennedy’s proposal also includes a plan to back new U.S. Treasury bills with a mix of hard assets, including gold, silver, platinum, and Bitcoin. He visualized progressively allowing these Treasury bills to this asset mix over time, aiming for full backing eventually. If implemented, this plan would make the U.S. the largest Bitcoin holder worldwide.
Currently, MicroStrategy, the top corporate Bitcoin holder, has about 226,331 BTC worth $14.4 billion, while BlackRock’s Bitcoin ETF controls 334,000 BTC valued at $21.7 billion.
Kennedy To Eliminate Capital Gains Tax
In addition to the massive Bitcoin investment, Kennedy’s vision includes the elimination of capital gains tax on cryptocurrencies. This move is designed to enhance the attractiveness of digital assets and reinforce the U.S.’s role as a leader in the evolving financial sector.
Trump’s To Speak At Bitcoin Conference
On the other hand, Former President Donald Trump, a Bitcoin supporter, might call for Bitcoin to be a strategic reserve asset in his July 27 speech at the Bitcoin Conference.
As per the Coinglass report futures traders have mostly taken long positions. Meanwhile, a small drop to $65,000 could risk $1.11 billion in long bets. Ahead of Trump’s speech, Bitcoin has risen to $67,400, up 5%.