At the Bitcoin 2024 conference on July 26, Independent presidential candidate Robert F. Kennedy Jr. highlighted Bitcoin’s potential to strengthen the US economy and improve American life.
He outlined his plans to sign several executive orders immediately upon taking office.
One key order would direct the US Justice Department and US Marshals to transfer the government’s 204,000 Bitcoin holdings to the Federal Reserve, designating them as a “strategic asset.”
Additionally, Kennedy proposed that the Treasury Department purchase 500 Bitcoin daily until the reserve accumulates at least four million BTC.
He asserted that this move would establish the United States as a dominant global power, with the value of its Bitcoin reserve potentially reaching “hundreds of trillions of dollars.”
Kennedy also plans to make significant changes to tax regulations concerning Bitcoin. He would instruct the Internal Revenue Service (IRS) to classify all Bitcoin-to-dollar transactions as nonreportable and nontaxable.
Moreover, he aims to make Bitcoin eligible for exchange into real property under the 1031 Exchange program, which is designed to promote real estate investments.
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Emphasizing the importance of “transactional freedom,” Kennedy argued that Bitcoin could help restore the US economy to its state before the dollar was detached from the gold standard during President Nixon’s era.
He stated, “Fiat currency was invented to fund war. […] If the world was on a BTC standard, there would be no more war because you can’t print Bitcoin.”
Kennedy also expressed his intention to appoint Space Force Major Jason Lowery, known for his work on Bitcoin as a “cyber-defense system,” as a national security adviser.
Lowery has described Bitcoin as a form of “soft power projection” that can protect online identities in cyberspace.
To strengthen the dollar, Kennedy would back US Treasury bills, notes, and bonds with hard assets, including precious metals and Bitcoin, aiming to curb inflation and establish financial stability.
He predicted that these measures would lead to global support for a decentralized currency backed by the United States.
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