Robert F. Kennedy Wants the Federal Reserve to Match Its Bitcoin Reserves With Gold Reserves
- 王林Original
- 2024-07-27 06:02:35957browse
Bitcoin reserves are once again in the spotlight as political temperatures in the U.S heat up. This time, another U.S presidential candidate
U.S. presidential candidate Robert F. Kennedy has expressed interest in having Bitcoin (BTC) be a reserve asset, with the goal of having the country’s BTC holdings match its gold reserves.
Kennedy, who is running on an independent ticket, is known for his pro-Bitcoin stance. Like his rival Donald Trump, Kennedy has stated that he would encourage the Federal Reserve to buy Bitcoin in bulk. If elected, one of his aims would be to ensure that the U.S. builds up a Bitcoin reserve that matches its gold holdings.
“I would like to have the federal government begin to buy Bitcoin and over my term in office, ultimately have an equivalent amount of #Bitcoin that we have gold,” Kennedy stated.
A kilogram of gold was priced at $76,708.36 at press time. Based on the latest updates, the U.S. gold reserves stand at 8,133.46 metric tons. In simpler terms, the total value of the gold held by the U.S. is roughly $622 billion.
At the time of writing, Bitcoin's market capitalization was $1.32 trillion. An additional $622 billion would raise the total market cap to over $1.64 trillion. This would value Bitcoin at over $82,000 at the current circulating supply and fully dilute the coin to a price of around $78,000, assuming that the only liquidity flowing into BTC at that point would be from the government.
However, demand for Bitcoin from the U.S. government would likely spur more demand globally, ultimately leading to more liquidity flowing into the cryptocurrency.
If the United States matches its Bitcoin reserves with its gold reserves, BTC would only account for about 2.16% of the current U.S. gross domestic product (GDP).
The possibility of Bitcoin becoming a Federal Reserve asset is now higher than ever, with both Trump and Kennedy expressing interest in the idea. While the odds of favorable policies and outcomes for Bitcoin in the next few years seem promising, politics also involve promises that often remain unfulfilled.
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