RFK Jr. BTC is a strategic reserve, the dollar has pledged to be backed by strong assets.
Speaking to an audience at the Bitcoin2024 event in July, independent presidential candidate Robert F. Kennedy Jr. praised Bitcoin's role in improving the American economy and the American way of life. The first day in the office to start the process.
Bitcoinization by executive order
Kennedy said he would sign an order requiring the Justice Department and US Marshals to hand over 204,000 bitcoins held by the United States to the Federal Reserve. Kennedy also said that he will order the Treasury to buy 500 Bitcoins (BTC) every day until it reaches at least 4 million BTC.
The United States “can't rob any other country” and promises that the Bitcoin stock will eventually reach a value of “hundreds of trillions of dollars”.
Kennedy also mandates that all transactions between Bitcoin and dollars be unreported and unencumbered by the Internal Revenue Service (IRS). Under the 1031 exchange program, which provides incentives for real estate investment, Bitcoin qualifies as an exchange for real estate and orders the IRS to process it.
Related: ‘Vote, but don't join a cult' – Edward Snowden on Bitcoin 2024
The benefits of Bitcoin go beyond the economy
“Freedom of trade [is] It's as important as freedom of expression in the 1st Amendment,” Kennedy said, and Bitcoin could provide that freedom and help the U.S. economy return to the state it was in before President Richard Nixon took the U.S. dollar off the gold standard to fund the Vietnam War. Kennedy said.
“Fiat currency was invented to support war. […] If the world was at the level of BTC, there would be no more wars because you couldn't print bitcoins.
Kennedy hires Air Force Maj. Jason Leary as his national security adviser. Lowery is best known for his thesis at the Massachusetts Institute of Technology, which describes Bitcoin as a “cyber-defense system” and “soft power projection” that creates online identities in cyberspace.
Kennedy would combine U.S. Treasury bills, notes, and bonds with hard assets, including precious metals and bitcoin, to strengthen the dollar, stabilize inflation, and usher in a new era of financial stability. Then he said, “The world is rushing to bring back a US-backed decentralized currency.”
Magazine: Hyperbitcoinization Underway, RFK Seeks Bitcoin Donations and Other News: Hodler's Digest, May 14-20
