Robert F. Kennedy Jr. Pledges Bitcoin-Backed Economic
Independent presidential candidate Robert F. Kennedy Jr. delivered an impassioned endorsement of Bitcoin's potential to transform the U.S. economy and society at the Bitcoin 2024 event on July 26. He articulated a vision where Bitcoin plays a central role in restoring economic stability and transactional freedom, promising to implement sweeping changes on his first day in office. These changes include transferring the 204,000 Bitcoin held by the U.S. government to the Federal Reserve as a strategic asset and instructing the Treasury Department to purchase 500 Bitcoin daily until reserves reach four million BTC. Kennedy emphasized that this approach would secure an unparalleled economic dominance for the U.S., predicting the reserve's value could reach "hundreds of trillions of dollars."
Kennedy also proposed making Bitcoin transactions with the dollar nonreportable and nontaxable by the IRS and integrating Bitcoin into the 1031 Exchange program for real estate investment. Highlighting the importance of transactional freedom, he argued that a Bitcoin standard could prevent wars by eliminating the ability to print currency for funding. He also announced plans to appoint Space Force Major Jason Lowery as a national security adviser, citing Lowery's thesis on Bitcoin as a crucial cyber-defense and soft power tool. Additionally, Kennedy proposed backing U.S. Treasury securities with hard assets, including precious metals and Bitcoin, to strengthen the dollar and control inflation.
In Nashville, at the same Bitcoin 2024 conference, Kennedy addressed the crowd again, questioning Republican nominee Donald Trump's newfound support for cryptocurrency. He expressed skepticism about Trump's commitment, contrasting his own genuine advocacy for Bitcoin with Trump's potential political opportunism. Kennedy humorously remarked on the similarity between the color of Trump's hair and the Bitcoin logo, reaffirming his dedication by promising to direct the Treasury to build a Bitcoin reserve comparable to U.S. gold reserves and to make direct ownership of Bitcoin tax-free if elected.
Kennedy's comments were notable as he is currently favored by 8% of voters, according to a recent Reuters poll, a potentially significant figure in a tight race against Trump and likely Democratic nominee Kamala Harris. His remarks followed Trump's recent criticism of Democratic regulatory efforts and support for expanded Bitcoin mining, despite having labeled Bitcoin a "scam" in 2021. The Republican Party has increasingly appealed to crypto holders by advocating for lighter regulation. Conference attendees eagerly anticipated Trump's speech on Saturday, with "Make Bitcoin Great Again" hats for sale, echoing Trump's famous campaign slogan.