R. Kennedy Seeks Bitcoin Equivalent to Fort Knox Gold

full version at cointribune

Bitcoin would benefit from Donald Trump’s election, but even more so from his rival Robert Kennedy, the first to embrace Bitcoin.

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.

“Bitcoin allows for the restoration of individual freedom and the integrity of the state. It enables the middle class to protect themselves from inflation, which is a form of expropriation for the benefit of the government,” he said.

And while it is rumored that Donald Trump will announce the creation of a “strategic Bitcoin reserve” this Saturday, R. Kennedy has upped the ante.

“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,” he stated.

This is quite a promise considering that the US government only owns 210,000 Bitcoins, worth about 14 billion dollars. In contrast, the US gold reserves are worth 640 billion dollars. That amount represents half of the Bitcoins at the current rate…

Why does R. Kennedy advocate for Bitcoin? Because it 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.”

VanEck also expects nations to start accumulating Bitcoins one after the other, much to the dismay 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 thinly veiled reference to the institution called the “dollar.” Indeed, Matthew Sigel goes further, arguing that “these distortions stem from a common underlying reason, namely a disastrous allocation of capital since the subprime crisis. G7 governments have abused the money printing press to finance illusions 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 saying stop. They have also done the math and are reluctant 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.”

The representative from VanEck anticipates a Bitcoin value of $325,000 within 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.

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