RFK Jr. Proposes BTC Reserve and Dollar Backed by Hard Assets

Robert F. Kennedy Jr., an independent presidential candidate, delivered a speech at the Bitcoin2024 event on July 26, highlighting the potential of Bitcoin to improve the US economy and society. He outlined plans to implement significant changes through executive orders on his first day in office.

Bitcoinization by Executive Order

• Kennedy intends to order the Justice Department and US Marshalls to transfer 204,000 Bitcoin to the Federal Reserve, designating it as a “strategic asset.”
• He also plans to instruct the Treasury Department to purchase 500 Bitcoin daily until the reserve accumulates at least 4 million BTC.
• This move aims to establish the United States as a dominant force with a Bitcoin reserve projected to reach a value of trillions of dollars.

Additionally, Kennedy plans to make all Bitcoin-dollar transactions nonreportable and nontaxable by the IRS. He also aims to include Bitcoin as eligible for exchange into real property under the 1031 Exchange program, incentivizing real estate investments.

Beyond Economic Benefits

Kennedy stresses the importance of transactional freedom, comparing it to the freedom of expression granted by the First Amendment. He believes that Bitcoin has the potential to restore the US economy to its pre-Vietnam War state, before the dollar was taken off the gold standard by President Nixon.

“Fiat currency was invented to fund war… If the world was on a BTC standard, there would be no more war because you can’t print Bitcoin.”

Kennedy also plans to appoint Space Force Major Jason Lowery as a national security adviser, citing Lowery’s thesis on Bitcoin as a cyber-defense system. Furthermore, Kennedy proposes to back US Treasury bills, notes, and bonds with hard assets, including precious metals and Bitcoin, to strengthen the dollar and combat inflation.