U.S. presidential candidate Kennedy calls for buying $6 billion in Bitcoin: to match the U.S. gold reserves

Independent presidential candidate Robert F. Kennedy Jr. claimed in an interview on Wednesday that if elected, he would heavily invest in Bitcoin with the goal of making the US government's holdings equivalent to its gold reserves. In other words, the US would need to spend at least $615 billion to acquire nearly 9.4 million Bitcoins.

Kennedy: Planning to Buy Bitcoin Until It Matches U.S. Gold Reserves

Robert F. Kennedy's nephew, a Bitcoin supporter and a current presidential candidate, Robert Kennedy Jr., revealed in an interview with YouTuber Scott Melker on Wednesday that he plans to urge the U.S. government to purchase Bitcoin until its holdings are equivalent to the value of the gold reserves.

Seemingly in response to rumors that Trump intends to add Bitcoin to U.S. reserve assets, Kennedy continues to actively voice his support for Bitcoin:

Bitcoin is a proof-of-work currency, all transactions are on the ledger, it's decentralized, it's what we call 'democracy'.

This aligns with his previous policy direction of "supporting the dollar and government debt through hard assets such as gold, silver, and Bitcoin," which he elaborated on in detail:

New U.S. debt can be reserved by 1% of hard assets in the first year, 2% in the second year, gradually reaching 100%.

He also added, "Bitcoin-to-dollar transactions and resulting capital gains taxes will be exempted to keep the Bitcoin industry in the United States."

In addition, in April of this year, he proposed the idea of putting the government budget on the blockchain, advocating for a blockchain-based transparency transformation of the federal budget.

U.S. Presidential Candidate Kennedy: Putting the U.S. Budget on the Blockchain for 300 Million People to Review

Can the Bitcoin Reserves Plan Be Achieved?

Robert Kennedy Jr. stated that the large-scale purchase of Bitcoin will take place during his first four-year term:

I hope the federal government can start buying Bitcoin and have as much Bitcoin as the U.S. gold reserves within my term.

According to data from the World Gold Council, the U.S. government holds 8,133 tons of gold, valued at around $615 billion; in other words, the U.S. government would need to purchase approximately 9.4 million Bitcoins to match this, accounting for 45% of the total supply, which is quite challenging.

Can Bitcoin Become a U.S. Reserve Asset? What Are the Potential Implications?

Bitcoin Treasuries data shows that the U.S. government currently holds about 213,000 Bitcoins, leading in holdings compared to China and the UK.

Furthermore, publicly traded companies have the most Bitcoins with MicroStrategy holding 226,000 Bitcoins, while ETF issuers lead with BlackRock holding 334,000 Bitcoins.

Implicitly, if Robert Kennedy Jr.'s Bitcoin reserve strategy is successfully implemented, the U.S. will become the world's largest Bitcoin holder, bringing immense wealth to Bitcoin investors during this period:

Decentralization is an important solution to save democracy, and Bitcoin's decentralized nature makes it the most honest currency.

This article is not investment advice