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At the Bitcoin 2024 conference, RFK Jr. proposed a strategic Bitcoin reserve and a dollar backed by hard assets, aiming to strengthen the U.S. economy.
Kennedy's Executive Orders for Bitcoin
Speaking to an audience at the Bitcoin 2024 conference on July 26, independent presidential candidate Robert F. Kennedy Jr. lauded the potential of Bitcoin to enhance the American economy and way of life. On his inaugural day, he said he would initiate the process by signing many executive orders.
As a "strategic asset," the Federal Reserve would receive the 204,000 Bitcoins currently held by the United States, according to Kennedy, who had previously stated that he would sign an order mandating their transfer. Until the reserve hits four million BTC, Kennedy added, he would direct the Treasury Department to buy 500 Bitcoin every day.
According to Cointelegraph, his prediction was that the US would achieve "a position of dominance no other country will be able to usurp" and amass a Bitcoin reserve worth "hundreds of trillions of dollars" over time.
IRS to Exempt Bitcoin Transactions
Furthermore, Kennedy would direct the IRS to disregard any and all Bitcoin-to-dollar transactions as nonreportable and nontaxable. Additionally, he would direct the Internal Revenue Service to recognize Bitcoin as a form of property that may be exchanged for real estate through the 1031 Exchange program, which offers financial incentives for investing in real estate.
Kennedy said that "transactional freedom [is] as important as freedom of expression in the 1st Amendment," and Bitcoin has the potential to both offer this freedom and help bring the US economy back to its pre-Nixon gold standard economic state in order to finance the Vietnam War. Kennedy chimed in:
“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.”
As an advisor on national security, Kennedy would appoint Jason Lowery, a space force major. Cryptocurrency like Bitcoin might serve as a "cyber-defense system" and a "soft power projection" for online identities, according to Lowery's MIT thesis.
Backing Dollar with Bitcoin and Metals
To fortify the dollar, curb inflation, and bring about a period of financial stability, Kennedy proposed to back US Treasury bills, notes, and bonds with tangible assets, such as Bitcoin and precious metals. Following this, "the world will rush to back an American-backed decentralized currency," he declared.
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