Robert Kennedy Jr. Proposes Bitcoin Purchase To Match US Gold Reserves: 'An Offramp To The Inflationary Highway'

In a massive endorsement for the world’s largest cryptocurrency, presidential candidate Robert F. Kennedy Jr. said he’d make the U.S. government buy Bitcoin (CRYPTO: BTC) equivalent to the country’s gold reserves.

What Happened: Kennedy, who is running as an independent, expressed during an interview, his intent to persuade the federal government to amass Bitcoin until its holdings equaled the nation’s gold reserves.

It’s worth noting that the U.S. has the largest gold reserves of any country in the world, worth nearly $579 billion, according to the World Gold Council. This is equivalent to 43% of Bitcoin’s current global market cap.

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It’s worth noting that

In the interview moderated by YouTuber Scott Melker, Kennedy described Bitcoin as an ‘honest currency,’ praising its decentralized nature for embodying democratic principles. He also dubbed that currency an “offramp to the inflationary highway.”

See Also: Senator Cynthia Lummis Slams Biden Administration’s ‘Dangerous Scheme’ To Impose 30% Tax On Bitcoin Mining, Call It ‘Blatant Attack’ On American Excellence

Why It Matters: These remarks come amid considerable speculations that Republican presidential nominee Donald Trump will announce Bitcoin as a strategic reserve asset during the ongoing Bitcoin Conference 2024. Interestingly, Kennedy is also slated to speak at the marquee event.

Kennedy's pro-cryptocurrency stance is not new. Earlier in March, he blamed big banks for turning Congress members against Bitcoin and emphasized the need for transactional freedom.

Kennedy has also praised Trump’s pivot to a pro-cryptocurrency stance during the Consensus 2024 conference in May.

Price Action: At the time of writing, Bitcoin was exchanging hands at $67,150.49, jumping 4.5% in the last 24 hours, according to?data from Benzinga Pro. Memecoin themed on RFK, Kennedy Coin (CRYPTO: BOBBY) plunged 4.65% in the last 24 hours.

Photo by Ringo Chiu on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.