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With an ulterior motive to solidify his position as a pro-Bitcoin candidate, Robert F. Kennedy Jr. has proposed a $615 billion federal purchase of Bitcoin if elected president. This ambitious plan aims to bolster the cryptocurrency’s status as a “store of value” and potentially position it as a competitor to gold in the U.S. Treasury’s reserves.
During the Bitcoin Conference 2024 in Nashville, Kennedy spoke with Melker, marking his position as the “real Bitcoin candidate” amidst Donald Trump’s pro-Bitcoin buzz. Kennedy intends to position BTC as a strong competitor to gold, which currently holds a significant position in U.S. reserves; stating:
“Bitcoin is an honest currency, a proof-of-work-based currency. Everything is on the ledger, it is decentralized, and this is what we need to do for democracy. I want the federal government to start buying Bitcoin and eventually hold as much Bitcoin as gold during my term.”
According to data from the World Gold Council, the U.S. currently holds nearly $579 billion in gold, making it the world’s largest holder of gold reserves. Kennedy asserted that under his presidency, the U.S. government would hold an equal amount of Bitcoin.
Kennedy’s remarks garnered particular attention amidst speculation of former President Donald Trump and Senator Cynthia Lummis endorsing Bitcoin as a strategic reserve. While initial reports focused on Trump potentially announcing Bitcoin as a national reserve during the Bitcoin Conference, attention later shifted to Lummis. Reports indicated that Lummis has already proposed a new bill that would designate Bitcoin as a strategic reserve for the U.S.
Over the past few months, the crypto community has expressed support for Trump due to his crypto-friendly stance. Recently, Bitcoin enthusiast Robert Kiyosaki urged U.S. voters to elect Trump to restore America’s economic strength.
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