Kennedy proposes that the federal government should buy Bitcoin until its holdings match the value of the nation’s gold reserves.
US gold reserves are currently around 8,133 tonnes, which is worth around $615 billion. So, this amount of Bitcoin would equate to roughly 9.4 million BTC, which is almost 45% of the total supply.
“I would like to have the federal government begin to buy Bitcoin and to, over the term of my term of office, ultimately have an equivalent amount of Bitcoin that we have gold because Bitcoin is an honest currency.”
His comments came in an interview this week with Custodia Bank CEO Caitlin Long and YouTuber Scott Melker.
RFK Jr. Big on Bitcoin
“Bitcoin was a unique invention, and it was intended to reproduce the intrinsic value of gold,” he said before adding that “it has the advantage over gold in that it is infinitely divisible, and so it is an ideal currency.”
He also said that he was happy that rival presidential candidate Donald Trump had pivoted to crypto.
“I couldn’t be more happy that Trump has publicly committed to Bitcoin; it’s a new issue for him, and he has not been committed to it in the past,” he said.
Kennedy called Bitcoin an “honest currency” based on proof-of-work and decentralization, adding that he plans to back government fiat currency and debt with a basket of hard currencies, including gold, silver, and BTC.
He suggested a new class of Treasury bills that could be anchored to that basket by 1% in its first year, 2% in the second year, and ultimately 100% over time.
“If we want to save our democracy, we need to decentralize it,” he said before adding that Bitcoin is honest “because there is nobody in charge.”
“Americans who are buying Bitcoin understand that there’s a real link to ending government corruption, to property rights, to personal freedoms, to self-sovereignty, to decentralization … all the things that we care about.”
“A lot of my personal net wealth is now in Bitcoin because I just love the beauty of it,” he said.
Trump’s BTC Treasury
The crypto community rumor mill is awash with stories about what Donald Trump may say at the Bitcoin Conference, which is currently taking place in Nashville.
Rumor has it that Trump may announce a strategic Bitcoin treasury at the conference when he speaks. Rival presidential candidate Kamala Harris will not be attending and is reportedly not fond of crypto, although she has had to catch up on it to attract voters.