Robert F. Kennedy Jr. at the recent global Bitcoin Conference 2024, in Nashville, Tennessee claim that Bitcoin is necessary to stabilize the United States dollar. Kennedy Jr. also commented on approving another executive order on Bitcoin that will instruct the United States Treasury to create a strategic Bitcoin reserve.
He also said his government, through the United States Treasury, will buy 550 units of Bitcoins per day until it achieves its target of 4 million BTC. Kennedy based his case on the idea that Bitcoin’s limited supply and decentralized structure could hedge against inflation and stabilize the dollar’s value.
He underlined that economic instability might result from manipulation and depreciation of the current monetary system, which mostly depends on fiat currency. To prevent market uproar and smoothly incorporate the asset into the national reserves, he recommended that such a substantial amount of Bitcoin be acquired gradually.
Industry Experts Air Their Opinions on Kennedy’s Speech, Contradicts Opinions
Kennedy said this reserve would boost international competitiveness, support financial stability, and act as a buffer against inflation. He maintained that Bitcoin is useful for fending off the inflationary pressures that fiat currencies frequently experience because of its fixed quantity. The financial world has responded to Kennedy’s idea in a conflicting opinion.
Some experts agree that the concept has value and point out that Bitcoin is a desirable asset to hedge against unstable economic conditions due to its unique qualities. Leading University of California economist Dr. Maria Sanchez stated that “before incorporating Bitcoin into a significant portion of national reserves, its volatility needs to be carefully evaluated.”
However, many contend that Bitcoin is a dangerous addition to the national reserves due to its high volatility and the present strictness surrounding regulations. They issue a warning, arguing that rather than reducing already-existing forms of instability, integrating such a volatile asset could create new ones.
Kennedy Jr. Promises to Create New Bitcoin Executive Order
Paul Jenkins, a senior analyst at Global Financial Advisors, stated that there are serious risks associated with using Bitcoin to stabilize a national currency because of its price’s ability to fluctuate quickly. As one of the most popular independent candidates, Robert F. Kennedy Jr. made it clear that he would be signing a Pro-bitcoin executive order into law as soon as he took the oath of office.
This policy is expected to press demand for the United States Department of Justice (DOJ) and the United States Marshals Service to move the Bitcoin holdings in their account to the United States Treasury to be used as the country’s strategic reserve national assets.
Kennedy promised that during his administration as the president, the office of the Internal Revenue Service (IRS) would be ordered to identify every Bitcoin and United States dollar transaction as non-taxable and non-reportable.
Kennedy Jr. Reveals that The United States Government Has Bitcoin Reserves
Kennedy Jr. revealed that the United States government has more than 200,000 BTC, valued at $13 billion, which the DOJ and Marshals Service confiscated. He termed Bitcoin an economic currency of hope, propelled by modern technologies, independence, transparency, freedom, and democracy.
Kennedy also plans to raise America’s Bitcoin holdings to match its Gold strategy. According to him, the United States owns 19% of Gold reserves globally, valued at $615 billion. He affirmed that Bitcoin would be made a tangible means of exchange during his administration.
Donald Trump, the Republican party presidential candidate, as expected, was also present in the Bitcoin 2024 conference. When elected, Trump had promised to sack United States Security and Exchange Commission (SEC) chairman Gary Gensler.
He also hinted at establishing an advisory board that a cryptocurrency-friendly individual would lead to coming up with regulations that best fit the rules of the cryptocurrency industry. Meanwhile, Kamala Harris, the latest presidential candidate for the Democratic party, officially declined the invitation to speak at this year’s Bitcoin conference.