Robert F. Kennedy Jr.'s promise for Bitcoin Regulation in the US

Bittime - Robert F. Kennedy Jr., Independent US presidential candidate, shocked the public with a somewhat controversial campaign promise. Kennedy Jr. is a figure known for being outspoken and often taking positions different from the mainstream. 

He is now attracting the attention of the crypto world with a series of policy plans that he says will "revolutionize the US economy through Bitcoin".

Robert F. Kennedy Jr.'s Ambitious Vision

Speaking to participants at the Bitcoin 2024 conference in Nashville last Friday, Kennedy laid out an ambitious vision for Bitcoin's role in the US economy. He promised to issue several Bitcoin-related executive orders on his first day as president, if elected.

One of Kennedy's proposed steps is to instruct the US Department of Justice and the US Marshals Service to transfer approximately 200,000 Bitcoins currently held by the US government to the Treasury Department. This cryptocurrency, according to Kennedy, will be kept as a "strategic asset" of the country.

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However, Kennedy's plans did not stop there. He also intends to sign another executive order that would direct the US Treasury Department to purchase 550 Bitcoins every day until the US has a reserve of 4 million BTC. 

This figure, according to Kennedy, is equivalent to about 19% of the total Bitcoin in circulation, the same proportion as the global gold reserves that the US currently holds.

"The chain impact of this action will ultimately push Bitcoin's valuation to hundreds of trillions of dollars," Kennedy said with confidence.

Furthermore, Kennedy plans to issue an executive order directing the US Internal Revenue Service (IRS) to issue guidance stating that "all transactions between Bitcoin and US dollars are non-reportable transactions, and thus are not taxable."

Electability of Robert F. Kennedy Jr. Still Losing to Trump and Harris

While Kennedy's vision on Bitcoin sounds appealing to crypto fans, it's worth remembering that his position in the polls still lags far behind other presidential candidates.

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He is still behind main candidates such as Vice President Kamala Harris and former President Donald Trump. 

According to the latest Reuters/Ipsos survey, when voters were shown sample ballots that included Kennedy, Harris, and Trump, Harris led with 42% of the vote, followed by Trump with 38%, while Kennedy only had the support of 8% of voters.

Despite his slim chances of victory, Kennedy's move shows that the crypto issue has now become an integral part of the US electoral landscape. 

Republicans have expressed support for crypto companies and investors in their platform for the 2024 election, including a pledge to end what they call “unlawful and un-American oppression” of the US crypto industry.

Meanwhile, Harris' campaign team has also begun approaching the crypto industry, just a week after President Joe Biden announced that he would not seek re-election and endorsed Harris as the Democratic Party's nominee.

Interestingly, former President Donald Trump is also scheduled to speak at the Bitcoin 2024 conference on Saturday afternoon, adding to the dynamics of competition between candidates in winning the favor of the crypto community.

Regardless of who ultimately wins the presidency, one thing is certain: cryptocurrencies, especially Bitcoin, have now become an important issue in US political and economic discourse. 

Whether these promises will actually be realized or is just a campaign strategy, only time will tell. However, this phenomenon clearly shows that the crypto world can no longer be underestimated in the global political arena.

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