Key Takeaways:
- U.S. presidential candidate Robert F. Kennedy Jr. pledged to issue three executive orders related to Bitcoin if elected.
- Kennedy is trailing behind Vice President Kamala Harris and former President Donald Trump in the latest polls.
At the BTC 2024 conference in Nashville, presidential candidate Robert F. Kennedy Jr. made a bold statement about his strong support for Bitcoin, revealing that a significant portion of his wealth is invested in the digital asset. “I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin,” Kennedy declared, emphasizing his full commitment to the cryptocurrency.
He stressed the need for transactional freedom and personal financial sovereignty, reflecting his deepening understanding of Bitcoin’s potential through meetings with various leaders and thinkers in the Bitcoin community. This includes miners, policymakers, economists, financial experts, investors, developers, and entrepreneurs.
He announced his intention to sign an executive order on his first day in office, directing the Department of Justice and the U.S. Marshals to transfer approximately 200,000 bitcoins held by the U.S. government to the Treasury.
These bitcoins will be held as a strategic asset, a move he believes will bolster the nation’s financial stability.
Kennedy’s proposed policy doesn’t stop there. He plans for the Treasury to purchase 550 BTC daily until the U.S. amasses a reserve of 4 million bitcoins, which would account for nearly 20% of the total Bitcoin supply.
“This policy will give us about the same proportion of total Bitcoin as our nation holds of global gold reserves,” Kennedy stated. He envisions backing U.S. debt with hard assets, including Bitcoin, to stabilize the dollar and control inflation.
Kennedy’s support for Bitcoin was significantly influenced by the Canadian trucker strike, which he described as a peaceful protest where individuals exercised their freedoms.
The Canadian government’s response, which included using facial recognition to identify participants and freezing their bank accounts, highlighted to Kennedy the critical importance of transactional freedom.
Kennedy’s campaign also includes a critique of the Federal Reserve’s monetary policies, which he argues have led to wealth inequality and economic instability.
He believes that backing the U.S. dollar with Bitcoin and other hard assets will provide a hedge against inflation and strengthen the dollar’s global dominance.
Despite his strong support for Bitcoin and detailed economic plan, Kennedy is trailing behind fellow candidates Vice President Kamala Harris and former President Donald Trump in the polls. A Reuters/Ipsos poll showed Harris leading with 42% to Trump’s 38%, while Kennedy was favored by 8% of voters.
Cryptocurrency has become a significant topic in the election season, with the Republican Party expressing support for crypto firms and investors. They have pledged to end what they describe as an “unlawful and un-American crackdown” on the U.S. crypto industry.
On the other hand, Harris’ team has also started outreach to the crypto industry following President Joe Biden’s announcement that he will not seek reelection, endorsing Harris as the Democratic Party’s nominee.
