Presidential candidate Kennedy wants to buy 550 Bitcoin per day with the USA

US presidential candidate Robert F. Kennedy Jr. (RFK) revealed himself as a Bitcoin supporter some time ago. As part of his candidacy, the nephew of assassinated US President John F. Kennedy has already proposed covering US government bonds with Bitcoin, among other things, and he drew attention to the historical connection between unbacked paper money and war financing - Blocktrainer.de reported.

At the Bitcoin conference currently taking place in Nashville, the 70-year-old mentioned that he has invested the majority of his wealth in the asset. He also presented his plan for a US Bitcoin reserve under his potential leadership. RFK would buy 550 Bitcoin a day with the state - with the aim of ensuring that the value of the government's Bitcoin holdings equals that of the gold reserve after some time.

At the end of May, Robert F. Kennedy Jr. went on record to say that he had invested the money he received from the legal dispute against Monsanto - which has been a household name in Germany at least since the takeover by Bayer - in Bitcoin. According to his own statements, he bought three Bitcoin each for his seven children; a total of 21 units.

At the Bitcoin conference, at which Kennedy later gave a speech, the multimillionaire finally announced that he had invested the majority of his own fortune in the asset.

I'm a big proponent of Bitcoin. [...] I've invested most of my wealth in Bitcoin, so I'm completely convinced.
_{Rober F. Kennedy Jr.}

On Thursday, Bitcoin content creator Scott Melker and Caitlin Long, CEO of Custodia Bank, interviewed the presidential candidate together. The live-streamed conversation already covered Kennedy's plans for a Bitcoin reserve for the US government.

The presidential candidate returned to his idea of covering US government bonds with scarce commodities such as gold, platinum or Bitcoin and increasing the proportion over time.

I would like to have the federal government to get to buy bitcoin. Over my term of office to ultimately have an equivalent amount of bitcoin that we have gold. Because Bitcoin is an honest currency. Its a currency that is based on Proof-of-Work. [...] If we want to save our democracy, we need to decentralise and Bitcoin is honest, because there is nobody in charge. It is the template for that vision of decentralisation, for personal sorverignty, personal control and personal freedom.
_{Robert F. Kennedy Jr.}

The U.S. currently holds just over 8,000 tons of gold, the equivalent of over $600 billion. To own the same value of Bitcoin, the government would need to buy about nine million BTC at the current Bitcoin rate, which would be almost half of the total amount of nearly 21 million units. As the United States would cause the price of Bitcoin to skyrocket with large purchases, it would probably need significantly less BTC for this project.

As of now, the USA officially holds more than 213,000 BTC with an equivalent value of over 14 billion US dollars. This Bitcoin originates from various confiscations.

When RFK finally gave his speech on Friday, he further substantiated his plans. The presidential candidate announced that he would transfer the confiscated Bitcoin to the Ministry of Finance. Under his leadership, the USA is also to buy 550 Bitcoin per day until at least four million units are in the possession of the state.

Bitcoin currently has a total market value of just over 1.3 trillion US dollars. Accordingly, a market capitalization of several hundred trillion US dollars, which according to Kennedy would entail strategic Bitcoin purchases by the USA, would bring the price of one unit of Bitcoin to several million US dollars.

Kennedy also emphasized shortly afterwards that, as president, he would ensure that exchanging Bitcoin for US dollars would not be subject to any reporting obligations and that no taxes would generally be levied on the asset.

Later in the speech, RFK said that he would put Jason P. Lowery, author of the Bitcoin book "Softwar", in charge of national security.

The political demands of Robert F. Kennedy Jr. underline the fact that Bitcoin has arrived in the midst of US politics. Even though the probability of his victory is currently less than two percent according to the betting markets, RFK is a well-known figure with a following that should not be underestimated.

The leading presidential candidate according to the betting markets, Donald Trump, has also pledged his support to the Bitcoin sector. Trump's pro-Bitcoin positions can already be found in the Republican party platform. To date, the ex-president has not made such clear statements on Bitcoin as Kennedy did.

Today, Trump is giving his speech at the conference and expectations are high that he could also present plans for a strategic Bitcoin reserve for the USA. Kennedy also addressed this.

I understand that tomorrow Donald Trump may announce his plan to build a Bitcoin Fort-Knox and authorize the US government to purchase one million Bitcoin as a strategic reserve asset. I applaud this announcement and so should we all. I hope that President Trump's commitment to Bitcoin is more than just political expediency.
_{Robert F. Kennedy Jr.}

Whether Donald Trump will actually make a big announcement today remains to be seen. Just as it remains to be seen whether the politician will follow up his words with action. Kennedy's announcements could provide an indication of the direction Trump's supposed Bitcoin plan could take. Whether he will go one better or whether his speech will cause disappointment in the community will become clear in a few hours' time.