Independent presidential candidate Robert F. Kennedy Jr. has proposed a major shift in U.S. cryptocurrency policy. If elected, he plans to push for a $615 billion Bitcoin investment to match the value of gold reserves and eliminate capital gains tax to support the crypto industry.
Additionally, former President Donald Trump may endorse Bitcoin as a strategic reserve asset at a conference on July 27.
Kennedy’s Vision for U.S. Bitcoin Reserves
In a recent interview with Custodia Bank CEO Caitlin Long, hosted by YouTuber Scott Melker, Robert F. Kennedy Jr. outlined his plan to align U.S. Bitcoin holdings with the country’s gold reserves. The U.S. currently holds 8,134 tons of gold, valued at approximately $615 billion.
Source: X
To match this value in Bitcoin, the government would need to acquire about 9.4 million BTC, which represents nearly 45% of the total Bitcoin supply that will ever be mined. Kennedy described Bitcoin as an “honest currency” due to its decentralized and transparent nature. He believes that integrating Bitcoin into the nation’s financial system would foster a more democratic and secure economic future.
Kennedy’s Comprehensive Bitcoin and Asset Backing Proposal
Robert F. Kennedy Jr.’s proposal includes plans to back new U.S. Treasury bills with a combination of hard assets, such as gold, silver, platinum, and Bitcoin. He envisions gradually incorporating these assets into Treasury bills over time, ultimately aiming for full backing. If realized, this plan would position the U.S. as the largest holder of Bitcoin globally.
Currently, the top corporate Bitcoin holder is MicroStrategy, with approximately 226,331 BTC valued at $14.4 billion. BlackRock’s Bitcoin ETF holds around 334,000 BTC, worth $21.7 billion.
In addition to this substantial Bitcoin investment, Kennedy’s vision also involves eliminating the capital gains tax on cryptocurrencies. This change is intended to make digital assets more attractive and strengthen the U.S.’s leadership in the evolving financial landscape.
Trump’s Bitcoin Strategy and Market Movements
Former President Donald Trump, a supporter of Bitcoin, is expected to advocate for Bitcoin as a strategic reserve asset during his speech at the Bitcoin Conference on July 27.
According to a Coinglass report, futures traders have predominantly taken long positions on Bitcoin. However, a minor drop to $65,000 could put $1.11 billion in long bets at risk. Leading up to Trump’s speech, Bitcoin’s price has risen to $67,400, marking a 5% increase.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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