Kennedy Advocates for Federal Bitcoin Purchases to Match Gold Reserves
In a groundbreaking proposal, Kennedy suggests that the federal government should start acquiring Bitcoin until its holdings equate to the value of the nation’s gold reserves. Currently, the U.S. holds approximately 8,133 tonnes of gold, valued at around $615 billion. Kennedy proposes that this amount of Bitcoin would correspond to roughly 9.4 million BTC, which is nearly 45% of the total Bitcoin supply.
Bitcoin as Honest Currency
Kennedy emphasized, “I would like to see the federal government begin buying Bitcoin and eventually hold an amount equivalent to our gold reserves because Bitcoin is an honest currency.” His remarks were made during an interview with Custodia Bank CEO Caitlin Long and YouTuber Scott Melker.
RFK Jr. and Bitcoin’s Unique Value
Kennedy praised Bitcoin as a unique invention, noting that it was designed to replicate the intrinsic value of gold. He highlighted that Bitcoin has advantages over gold, such as being infinitely divisible, making it an ideal currency. He expressed satisfaction with rival presidential candidate Donald Trump’s recent support for Bitcoin, a stance Trump had not taken in the past. Kennedy stated, “Bitcoin is an honest currency based on proof-of-work and decentralization. I plan to back government fiat currency and debt with a basket of hard currencies, including gold, silver, and BTC.”
Proposed Treasury Bills Linked to Hard Currencies
Kennedy suggested introducing a new class of Treasury bills that could be backed by this basket of hard currencies. The backing would start at 1% in the first year, increase to 2% in the second year, and eventually reach 100%. He believes that decentralization is crucial for preserving democracy, adding, “If we want to save our democracy, we need to decentralize it. Bitcoin is honest because there is nobody in charge.”
Personal Belief in Bitcoin
Kennedy shared that a significant portion of his personal wealth is now in Bitcoin, stating, “I love the beauty of it.” He linked Bitcoin ownership to ending government corruption, securing property rights, personal freedoms, self-sovereignty, and decentralization—values he believes are essential to Americans.
Speculation Around Trump’s Bitcoin Strategy
The cryptocurrency community is buzzing with speculation about what Donald Trump might announce at the Bitcoin Conference currently happening in Nashville. There are rumors that Trump may reveal a strategic Bitcoin treasury during his speech. Meanwhile, rival presidential candidate Kamala Harris has opted not to attend the conference and is reportedly not a fan of cryptocurrency, although she has had to familiarize herself with it to appeal to voters.
Conclusion
Kennedy’s proposal to align federal Bitcoin holdings with gold reserves marks a significant shift in the conversation around digital currencies and national reserves. His views on decentralization and honest currency resonate with a growing segment of the population. As more political figures and the general public engage with cryptocurrency, the landscape of financial systems may continue to evolve.
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