The rumored plan would involve new legislation that would make bitcoin a strategic reserve asset for the U.S. central bank.
Posted July 26, 2024 at 11:26 pm EST.
Nashville, Tenn. — At the 2024 Bitcoin conference, a full house enthusiastically cheered independent presidential candidate Robert F. Kennedy Jr. during his keynote speech—both for remarks about his own plans for Bitcoin should he become president, as well as for discussing rumors about what Republican nominee Donald Trump may do.
RFK Jr. drew wild applause from the crowd when he said Trump may, on Saturday, announce plans to introduce legislation that would make bitcoin a strategic reserve asset for the country’s central bank, culminating in the purchase of one million bitcoin by the Federal Reserve.
At the conference, rumors of the plan have spread like wildfire resulting in ever-increasing anticipation of Trump’s marquee appearance where the Bitcoin faithful expect the former President to confirm the plan.
“I understand that tomorrow President Trump may announce his plan to build a Bitcoin Fort Knox and authorize the U.S. government to buy a million bitcoin as a strategic reserve asset,” Kennedy said to a packed audience. “And I applaud that announcement, and we should all applaud it.”
Read More: What Would Trump Announcing a U.S. Strategic Bitcoin Reserve Mean?
It’s not clear how Kennedy got wind of the plan, and while no official announcement has been made by any Republican lawmakers, some of the details appear to have been leaked to the broader public and many conference attendees were aware of the plan’s existence.
Kennedy himself had his own pro-Bitcoin strategy that involves overhauling the cryptocurrency’s tax treatment.
“I’m going to support making direct ownership of bitcoin tax-free,” Kennedy said. “The conversion of bitcoin back into dollars will be a non-reportable transaction to the IRS and not subject to capital gains,” he added.
The Internal Revenue Service (IRS) currently treats bitcoin as property for tax purposes, which means selling the asset triggers capital gains.
One-Upping Trump on Bitcoin
Kennedy also touted himself as a longtime Bitcoiner and took pot shots at Trump by framing him as a Bitcoin latecomer and questioning the former President’s motives when it comes to his recent change of heart regarding the digital currency.
“President Trump has a long way to explain how his personal values align with those of Bitcoiners,” Kennedy said. “And we don’t really have any assurance do we, that his endorsement is not another ephemeral monetary policy fad du jour.”
Read More: Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do?
Kennedy went on to deliver a scathing criticism of Trump’s past anti-Bitcoin comments and policies, describing Trump as “being openly hostile to Bitcoin,” and recalling the former President’s comments in 2021 about Bitcoin being a “scam.”
He lambasted Trump’s consideration of JP Morgan Chase CEO Jamie Dimon—an outspoken critic of crypto—as a potential Treasury Secretary appointee. Kennedy’s mere mention of Dimon elicited a chorus of boos from the crowd. Trump has denied or at least walked back comments he previously made about appointing Dimon to his cabinet.
Kennedy said he would instead consider MicroStrategy Chairman and Founder Michael Saylor or Custodia Bank CEO and Founder Caitlin Long for the Treasury Secretary role, should he win the presidency, and for the mention of these candidates, he received thunderous applause from the audience.
Read More: Senator Tim Scott Goes All In on Bitcoin, Paving the Way for 2025 Crypto Legislation
Kennedy praised El Salvador President Nayib Bukele for his pro-Bitcoin policies and chided Trump for suggesting that Bukele solved El Salvador’s crime woes by sending Salvadoran convicts to the U.S.
He ended his speech by poking fun at Trump’s hair and proclaiming himself as the only true pro-Bitcoin presidential candidate this year.
“I don’t think of myself as red, I don’t think of myself as blue, and I don’t even think of myself as purple. Those are the colors of the political parties,” Kennedy said. “Instead, I think of myself as orange. That is the color of freedom”
Interestingly orange—the color associated with Bitcoin—is also the color associated with Trump, something Kennedy poked fun at.
“It’s true that President Trump has orange hair,” Kennedy said, drawing laughter from the crowd. “But I have an orange heart,” he added.
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