Presidential candidate Robert F. Kennedy Jr. has announced his intention to increase the US government's Bitcoin (BTC) holdings if elected.
Speaking in an interview at the Bitcoin Conference, Kennedy revealed his plan to push the federal government to purchase Bitcoin until its holdings equal the value of the country's gold reserves.
Currently, the US holds 8,134 tons of gold, valued at approximately $615 billion. To match this in Bitcoin, the government would need to acquire around 9.4 million BTC at current prices, which accounts for nearly 45% of the total Bitcoin supply that will ever exist.
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Kennedy elaborated that the Bitcoin acquisition is part of a strategy to back government currency and debt with a mix of hard assets, including gold, silver, platinum, and BTC. He envisions introducing a new class of US Treasury bills that would be "anchored" to these assets, starting with a 1% backing in the first year and progressively increasing to 100%.
He said:
Bitcoin is an honest currency. It's a currency that's based on Proof-of-Work. Everything's on the ledger, it's decentralized, and that's what we need to do with democracy.
If implemented, this policy would make the United States the largest holder of Bitcoin globally. For comparison, MicroStrategy, the largest corporate holder of Bitcoin, owns 226,331 BTC valued at $14.41 billion. Achieving a $615 billion Bitcoin reserve would not only dwarf these holdings but also likely elevate Bitcoin prices, benefiting current investors.
Kennedy's stance marks a departure from conventional financial policies and highlights the growing influence of digital currencies in mainstream political discourse.
In other news, billionaire entrepreneur Mark Cuban recently said that presidential candidate Kamala Harris might be more supportive of crypto than President Joe Biden.
