Independent presidential candidate Robert F. Kennedy Jr.introduced a revolutionary plan. His grand scheme revolves around a $615 billion Bitcoin investment, which has the potential to change US crypto policy. He believes that this investment will be enough to equal the value of the nation’s gold reserves. A pledge to do away with capital gains tax on cryptocurrencies goes hand in hand with this historic effort.
Similarly, Donald Trump is anticipated to make a splash by endorsing Bitcoin as a strategic reserve asset. At a conference on July 27, this is expected to boost bitcoin momentum. These new statements from high-profile politicians demonstrate how much influence cryptocurrencies will have on the US crypto policy. It may influence the economy of the United States in the future.
Bitcoin Reserves in the United States: Kennedy’s Plan
Robert F. Kennedy Jr.’s daring proposal to link Bitcoin to gold reserves overhauls US crypto policy. Kennedy discussed his plans to incorporate Bitcoin to integrate Bitcoin into the country’s monetary system with Custodia Bank CEO Caitlin. Scott Melker presented the candid discussion on YouTube.
US gold reserves total 8,134 tonnes, valued at $615 billion. This would be about 45% of Bitcoin’s supply, equivalent to 9.4 million BTC, which the government would have to acquire. With this purchase, the US would surpass MicroStrategy and BlackRock as the world’s largest Bitcoin holder.
Due to Bitcoin’s decentralised and transparent nature, Kennedy considers Bitcoin an “honest currency.” He uses this belief to justify his daring move. Adding Bitcoin to the country’s monetary system might make it more democratic and secure, he believes. Some economists and computer aficionados are beginning to regard cryptocurrencies as a way to acquire financial independence. They see it as a means to protect themselves from inflation, so this viewpoint is in line with their feelings.
Kennedy’s All-Inclusive Bitcoin and Asset-Backed Proposal
As part of his larger plan to change US crypto policy, Kennedy has recommended an investment of $615 billion in Bitcoin. A mix of physical assets will back Robert F. Kennedy Jr.’s new U.S. Treasury bills. These include Bitcoin, silver, gold, and platinum, according to his detailed plan. The goal of this multi-asset strategy is to place the U.S. as the largest Bitcoin holder globally. With around 226,331 BTC worth $14.4 billion, MicroStrategy is the largest corporate Bitcoin holding. Around 334,000 Bitcoins, valued at $21.7 billion, are held by BlackRock’s Bitcoin ETF.
Adding to Kennedy’s Bitcoin investment is eliminating cryptocurrency capital gains taxes in the US. This move can potentially spur innovation and economic growth in the crypto sector. This tax reform aims to make digital assets more appealing to investors and enterprises. Kennedy intends to place the US at the forefront of the digital asset industry by lowering this financial barrier.
Trump’s Approach to Bitcoin and Its Market Movements
The Bitcoin community is seeing both Kennedy’s plan and Donald Trump’s actions. Donald Trump is well-known for his support of Bitcoin. During his next speech at the Bitcoin Conference on July 27, he is likely to push for its use as a strategic reserve asset.
The expected backing from a previous president may cause a stir in the US crypto policy. There are indications of excitement in the cryptocurrency sector already. A Coinglass analysis reports that most futures traders are optimistic about Bitcoin and have taken long bets. Nevertheless, this optimism could be misguided. Even a slight decline to $65,000 could threaten $1.11 billion worth of long bets.
With Trump’s speech just around the corner, the price of Bitcoin has jumped to $67,400, a 5% rise. This shift in value exemplifies the expanding relationship between US crypto policy and economic strategy. It shows the possible influence of political endorsements on cryptocurrency markets.
Possible Influence on US Crypto Policy and Worldwide Crypto Adoption
Famous political personalities’ plans and support could significantly impact the global acceptance of cryptocurrencies. If implemented, a shift in US crypto policy could cause other countries to rethink their approach to digital assets.
However, a drastic shift in US crypto policy would almost certainly encounter formidable obstacles. Possible implementation roadblocks include regulatory requirements and opposition from established banking institutions. Moreover, the volatile nature of crypto might raise questions about the stability of national reserves tied to digital assets. TurkishNY Radio continues to provide insights on these developments, helping investors stay informed.
