Kennedy Wants As Much Gold As Bitcoin

Unlike Donald Trump, who changed his stance a few weeks ago, Robert Kennedy is an early Bitcoiner. The presidential candidate has reiterated his ambition to embrace Bitcoin if elected.

Both Donald Trump and Robert Kennedy are vying for the presidency, and their stance on Bitcoin couldn’t be more different. While Trump has only recently embraced crypto, Kennedy has been a Bitcoiner from the get-go. Now, the candidates are engaged in a friendly competition to see who can shower Bitcoin with the most affection.

Trump’s love for Bitcoin is evident in his plan to announce the creation of a “strategic Bitcoin reserve” this Saturday. But Kennedy has taken things a step further.

“I would like the federal government to buy Bitcoin, and for us to have as much gold as Bitcoin by the end of my term.”

This is a bold promise, considering that the US government currently owns only 210,000 Bitcoins, valued at around 14 billion dollars. For comparison, the US gold reserves are valued at 640 billion dollars. That amount represents half of the Bitcoins at the current rate.

So, why is R. Kennedy such a strong advocate for Bitcoin? In his view, Bitcoin is an “honest currency in that no one controls it. If we want to save our democracy, we need to decentralize things.”

For him, Bitcoin is the “embodiment” of this vision that favors “individual sovereignty and freedom.”

According to VanEck, nations will begin accumulating Bitcoins one after the other, much to the chagrin of Germany or England.

3 Million $ by 2050?

This is anticipated by the director of research at VanEck, a firm behind one of the US Bitcoin-backed ETFs. Matthew Sigel made statements as striking as those of R. Kennedy on CNBC.

“When we look at the current world, we see huge economic imbalances, increasing distrust in existing institutions, and a trend towards de-globalization,” he said.

This is a subtle dig at the institution known as the “dollar.” Indeed, Matthew Sigel goes further, arguing that “these distortions have a common underlying cause: a disastrous allocation of capital since the subprime crisis. G7 governments have abused the money printing press to finance fantasies like ‘net zero carbon,’ war, and mass surveillance.”

“As a result, G7 governments now spend 30% of their tax revenue solely on debt interest. Our trading partners are increasingly telling us to stop. They have also done the math and are hesitant to place their reserves in US debt. We believe that Bitcoin, as the first global, decentralized, immutable, censorship-resistant digital asset with a fixed monetary supply, represents the ultimate hedge against this growing fiscal irresponsibility.”

According to the representative from VanEck, Bitcoin will be valued at $325,000 in five years. This corresponds to an annual appreciation rate of 32%. And only 16% per year for his target of $3 million by 2050.

“We foresee that 10% of international trade will be conducted in Bitcoin by 2050. We also anticipate that central banks will hold 2% of their reserves in Bitcoin, compared to 22% in gold today,” he justified.

Don’t miss our article: Russia Advocates in New York for the End of Dollar Monopoly.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Bitcoin, geopolitical, economic and energy journalist

The above is the detailed content of Kennedy Wants As Much Gold As Bitcoin. For more information, please follow other related articles on the PHP Chinese website!