
Independent presidential candidate Robert F. Kennedy Jr. has announced a plan to integrate Bitcoin into the U.S. financial system, suggesting significant policy changes if elected.
Speaking at the Bitcoin 2024 conference, Kennedy proposed executive orders to transfer 204,000 Bitcoins held by the U.S. government to the Federal Reserve and initiate daily purchases of 500 Bitcoins until reserves reach four million. This move aims to position the U.S. as a dominant force in the global Bitcoin market.
Kennedy also plans to order the IRS to treat Bitcoin-to-dollar transactions as nonreportable and nontaxable, and to include Bitcoin in the 1031 Exchange program, which incentivizes real estate investments. He emphasized that transactional freedom is as crucial as freedom of expression, arguing that Bitcoin could restore the U.S. economy to pre-1971 standards, when the dollar was backed by gold.
Kennedy hinted that former President Donald Trump might announce a plan to create a “Bitcoin Fort Knox” and authorize the purchase of one million Bitcoins as a strategic reserve. This marks a significant shift in Trump’s stance on cryptocurrencies, which he previously criticized.
The Republican National Committee has also adopted a pro-crypto platform, pledging to defend the right to mine Bitcoin and oppose the creation of a Central Bank Digital Currency (CBDC). The shift in Republican attitudes towards crypto is attributed to influential figures like Vivek Ramaswamy and Senator J.D. Vance, who have been vocal advocates for digital assets and innovation in the crypto space. The evolving stance suggests a growing recognition of the potential benefits of cryptocurrencies in the U.S. economy.