"I will sign another executive order directing the US Treasury to purchase 550 #Bitcoin daily until the US has built a reserve of at least 4 million Bitcoins." – @RobertKennedyJrpic.twitter.com/VZCKtSlNB7
— Michael Saylor⚡️ (@saylor) July 26, 2024
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R. Kennedy promises to buy 550 bitcoins per day!
Sat 27 Jul 2024 ▪
3
min read ▪ by
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Invest
The independent candidate for the presidential election Robert F. Kennedy made shocking announcements at the Nashville bitcoin conference.
It’s happening!
Mr. Kennedy promised to sign several decrees in favor of bitcoin on the first day. The first will order the Department of Justice to transfer the approximately 200,000 BTC in its possession to the Treasury Department to create a “strategic reserve.”
A second decree will mandate the purchase of 550 BTC per day until the country holds 4 million bitcoins. This is reminiscent of El Salvador’s strategy of buying one bitcoin per day. The strategic reserve of the small Central American country now exceeds 5000 BTC.
“The United States holds approximately 19% of the world’s gold reserves. My strategy is to hold as much gold as bitcoin,” he specified.
The United States will achieve “a dominant position that no other country can usurp,” he declared. The result of this strategy will be that the market capitalization of all bitcoins will reach several “hundreds of trillions of dollars,” he added.
Given that bitcoin’s market capitalization is currently just above $1 trillion, Mr. Kennedy predicts that the value of bitcoin will increase at least 100-fold…
As the icing on the cake, conversions between the dollar and bitcoin will not need to be declared. There will be no capital gains tax. In other words, bitcoin would become a kind of inviolable and non-taxable savings.
The speech was truly a siren song for bitcoiners. All key topics were covered (privacy, taxes, the right to run a node, mining, the American bitcoin reserve, etc.), without ever digressing into cRyPto.
R. Kennedy understood that bitcoin would not be a threat to the dollar if the United States acquired a substantial amount of it.
As Michael Saylor said earlier in the day, “By doing something economically rational, we can strengthen the dollar. That’s what we did when we bought Louisiana from the French, which doubled the size of the country. Or when William Seward bought Alaska and we found the equivalent of $1 trillion in oil there.”
Bitcoin is not a threat to states that are smart enough to keep it in reserve. It guarantees a fiat currency with the best store of value in the history of humanity.
It will be very interesting to see what Donald Trump will announce this afternoon at the same conference.
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Bitcoin, geopolitical, economic and energy journalist.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.