Presidential candidate Robert F. Kennedy Jr. has proposed matching U.S. Bitcoin holdings with the value of the country’s gold reserves. In an interview, Kennedy explained a plan to buy enough Bitcoin to equal the $615 billion worth of U.S. gold if he gets elected.
Currently, the U. S. has 8,134 tons of gold and under Kennedy’s proposal, it means that the country has to buy about 9.4 million BTC at today’s prices. This is a rather large sum, which is about 45% of the total number of bitcoins in circulation, which shows the scope of his actions.
Kennedy said, “Bitcoin is an honest currency, it is based on the proof of work, everything is on the ledger, it is decentralized and that is what we need to do with democracy.”
Kennedy’s plan involves the launch of a new series of U. S. Treasury bonds that will be secured by gold, silver, platinum, and Bitcoin. First, these bills would be only one percent funded by these assets, while the funding would grow to 100 percent in the future.
The proposed acquisition would make the U.S. the largest Bitcoin holder in the world, leaving behind other institutional investors such as MicroStrategy and BlackRock that currently own 226,331 BTC and 334,000 BTC respectively.
This could greatly help push the price of Bitcoin up since the U. S. government is now investing in the digital currency. Kennedy also pledges to repeal capital gains taxes on Bitcoin to spur the growth of a prosperous U.S. Bitcoin economy.
Kennedy’s plan aims to transform the U.S. into a major player in the cryptocurrency market, potentially driving higher Bitcoin adoption and integrating digital currencies into the national economy.