Independent presidential candidate Robert F. Kennedy Jr. proposed significant changes to integrate Bitcoin into the U.S. financial system during his speech at the Bitcoin 2024 conference. Kennedy suggested transferring 204,000 Bitcoins held by the U.S. government to the Federal Reserve and purchasing 500 Bitcoins daily until reserves reach four million.
He believes this would secure U.S. dominance in the global Bitcoin market.
Kennedy also outlined plans to exempt Bitcoin-to-dollar transactions from reporting and taxes and to include Bitcoin in the 1031 Exchange program. He emphasized that Bitcoin could restore economic stability and transactional freedom, akin to the era before President Nixon took the U.S. off the gold standard.
Kennedy hinted at former President Donald Trump’s possible announcement of creating a “Bitcoin Fort Knox” and authorizing the purchase of one million Bitcoins as a strategic reserve. This would mark a significant shift from Trump’s previous criticism of cryptocurrencies.
The Republican National Committee has adopted a pro-crypto platform, defending the right to mine Bitcoin and opposing a Central Bank Digital Currency (CBDC). Influential figures like Vivek Ramaswamy and Senator J.D. Vance have driven this shift, advocating for the benefits of digital assets and innovation. This evolving stance indicates a broader acceptance of cryptocurrency within the Republican Party, aligning with their values of financial freedom and innovation.
