Robert F. Kennedy Jr., a presidential candidate, has promised to sign an executive order on his first day in office to make Bitcoin a strategic reserve asset for the United States if elected. Speaking at the Bitcoin2024 conference on July 26, Kennedy detailed his vision for Bitcoin to enhance America’s economic stability and strategic position. This marks his second appearance at the event, highlighting his longstanding advocacy for the flagship cryptocurrency in US political leadership.
Strategic Reserve
Kennedy’s proposed executive order would direct the Department of Justice and the US Marshals to transfer approximately 200,000 Bitcoin currently held by the US government to the Treasury, designating it as a strategic asset. Additionally, the Treasury would be instructed to purchase 550 BTC daily until the US reserves reach 4 million Bitcoin, nearly 20% of the total supply. Kennedy stated, “This policy will give us about the same proportion of total Bitcoin as our nation holds of global gold reserves.”
Economic Stability and Inflation Control
The plan aims to back US debt with hard assets, including Bitcoin, to stabilize the dollar and control inflation. Kennedy believes that utilizing Bitcoin’s scarcity and liquidity, along with gold and other hard assets, will help restore the dollar’s dominance in global finance. He criticized the Federal Reserve’s monetary policies, claiming they have led to wealth inequality and economic instability. By backing the US dollar with Bitcoin and other hard assets, Kennedy argues that it would provide a hedge against inflation and strengthen the dollar’s value.
Kennedy also addressed the international implications of current U.S. monetary policies, noting that the weaponization of the dollar against other countries has accelerated efforts by nations like those in the BRICS group to de-dollarize. He warned that without a sustainable financial strategy backed by hard assets, the US risks losing its economic leadership and the dollar’s reserve currency status.
Corruption’s ‘Greatest Foe’
Kennedy emphasized Bitcoin’s role in protecting individual freedom. He recounted the Canadian truckers’ protest and the freezing of their financial assets, which influenced his advocacy for Bitcoin and underscored the importance of financial freedom. “I realized that transactional freedom was as important as freedom of expression in the First Amendment,” he said.
Kennedy highlighted Bitcoin’s potential to protect personal freedoms, promote accountability, and combat government corruption, stating, “Bitcoin is anti-war. It is a fierce, merciless, and insurmountable foe of government corruption.”
Growing Political Support
Kennedy expressed optimism about the increasing political support for Bitcoin, aiming to position the US as a global hub for crypto innovation and investment. He acknowledged former President Donald Trump’s recent support for Bitcoin and mentioned that Trump might announce a plan to build a “Bitcoin Fort Knox” and authorize the US government to buy 1 million Bitcoin as a strategic reserve asset.
Kennedy hopes that Trump’s commitment to Bitcoin extends beyond political expediency and that political leaders will develop a deeper understanding of Bitcoin’s potential to secure the US financial system and protect against cyber threats.
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