As a seasoned financial analyst with over two decades of experience in the industry, I find Kennedy’s proposal for the federal government to buy Bitcoin and match its value to gold reserves intriguing. The idea of having a decentralized digital currency as part of the country’s reserves is an innovative approach to addressing the current state of our monetary system.
Kennedy advocates for the federal government to purchase Bitcoin up to the equivalent value of its current gold reserves.
As a researcher, I’ve discovered that the United States holds approximately 8,133 tonnes of gold reserves, equivalent to around $615 billion in value. Translating this into Bitcoin, we find that it would represent approximately 9.4 million Bitcoins. This figure represents almost half of the total existing supply of Bitcoin.
As a seasoned economist with years of experience in monetary policy and financial markets, I strongly believe that incorporating Bitcoin into the federal government’s reserves could be a game-changer for our economy. Given my deep understanding of the potential benefits and risks associated with this digital currency, I would advocate for a strategic purchase of Bitcoin by the government.
In an interview held this week, Custodia Bank CEO Caitlin Long and YouTuber Scott Melker questioned him about his views.
RFK Jr. Big on Bitcoin
“He noted that Bitcoin represents a novel creation, designed to replicate gold’s inherent worth. It offers an edge over gold due to its infinite divisibility, making it an excellent candidate for a currency.”
“He expressed his satisfaction over Trump’s shift towards cryptocurrencies as well.”
“He expressed great joy that Trump has endorsed Bitcoin lately, as this is a new stance for him and he hadn’t shown support for it before.”
Kennedy referred to Bitcoin as a “transparent digital currency” grounded in the proof-of-work system and decentralization. He also announced his intention to support the value of government fiat money and debt through a mix of traditional currencies such as gold, silver, and Bitcoin.
He proposed introducing a novel type of Treasury bills with gradual increases: 1% in the first year, 2% in the second year, and fully linked to the basket at a rate of 100% over time.
To preserve our democracy, it’s essential that we distribute its power more evenly, argued he, with Bitcoin serving as an example due to its inherent lack of central control making it trustworthy.
As a researcher studying the adoption of Bitcoin by Americans, I’ve discovered that one of the key reasons why people are drawn to this digital currency is its connection to core values such as ending government corruption, protecting property rights, upholding personal freedoms, and promoting self-sovereignty. Additionally, the decentralized nature of Bitcoin aligns with the desire for a more democratic system that puts power back in the hands of individuals.
“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
There are numerous speculations circulating within the cryptocurrency community regarding potential remarks that former President Donald Trump might make at the ongoing Bitcoin Conference in Nashville.
It’s been rumored that Trump could unveil a Bitcoin strategy for the treasury during his conference speech. In contrast, Kamala Harris, another presidential hopeful, won’t be present at the event. She reportedly harbors reservations towards cryptocurrencies but has recently made an effort to understand them in order to appeal to voters.
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2024-07-27 08:11