- Robert F. Kennedy Jr. has announced an initiative to make a large purchase of Bitcoin for the United States
- He wants to accumulate the Bitcoin amount equivalent to the U.S. gold reserve
- That’s about $615B or 9.4 million BTC
What Exactly Did Robert F. Kennedy Jr. Say About Bitcoin?
So, on Wednesday, Robert F. Kennedy Jr. was very complimentary about Bitcoin in his interview with Custodia Bank CEO Caitlin Long and YouTuber Scott Melker.
“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,” he said.
In the context of government debt and the dollar’s strategic potential, Robert F. Kennedy Jr. shares the vision of making Bitcoin one of the government’s reserve assets, on par with platinum, gold, and silver.
“I would like to have the federal government begin to buy Bitcoin and, over my term in office, ultimately have an equivalent amount of Bitcoin that we have gold,” he said.
He expanded on these plans, saying a new class of U.S. Treasury bills could be “anchored” to that basket by 1% in its first year, 2% in the second year, and ultimately 100% over time.
These are very impressive holdings in terms of realizing his plan. The United States holds ~$615B worth of gold, so if this plan is achieved, that would be 9.4 million BTC (at the current price), or about 45% of the total supply.
Conclusions
So, we are seeing Bitcoin’s potential adaptation in the most critical areas of the world’s first economies, and it is no longer just Donald Trump who is pushing for it.
Of course, many have concerns about such a scenario and its harm to Bitcoin’s decentralized and independent nature, which you can read about in our other article.
Others believe that a Bitcoin adaptation in the U.S. will make it completely and finally legitimate for the whole world and accelerate its global adaptation.
Also, there are opinions that such statements may be just an attempt to get the votes of crypto investors and enthusiasts in the election race. We should still wait for real actions from each participant, after which we could really evaluate the effect of such initiatives.
