August 1st, 2024 | Devon Kash

The First Bitcoin President

All of the candidates will have a Bitcoin strategy.

In a bold move, Robert F. Kennedy Jr. and Donald Trump recently announced their plans to integrate Bitcoin into the US economy if elected president. Kennedy's proposal involves transferring the government's existing 204,000 Bitcoin to the Federal Reserve and ordering the Treasury Department to purchase 500 Bitcoin daily until the reserve reaches a staggering 4 million BTC. Trump has similar plans to bolster the flagship cryptocurrency.

RFK's proposal to transfer 204,000 Bitcoin held by the US government to the Federal Reserve as a “strategic asset” represents a bold step towards acknowledging Bitcoin’s potential. By placing this substantial amount of Bitcoin in the hands of the Federal Reserve, the US would not only legitimize the cryptocurrency but also signal to the world that it is serious about integrating digital assets into its financial framework. This move could enhance the credibility of Bitcoin and attract institutional interest, further embedding it into the global economy.

His plan to have the Treasury Department purchase 500 Bitcoin daily until reaching a reserve of at least four million BTC reflects a proactive approach to building a national Bitcoin reserve. Such a strategy could serve multiple purposes: it would provide a hedge against inflation, diversify the nation’s assets, and promote financial sovereignty. In times of economic uncertainty, Bitcoin’s decentralized nature offers an alternative to traditional fiat currencies, potentially safeguarding the economy from market fluctuations and government mismanagement.

Kennedy's proposal for Bitcoin is noteworthy. By acknowledging its value and potential, the US government would be sending a powerful signal to the global market. This could lead to increased adoption, investment, and innovation in the cryptocurrency space.

While Kennedy is proposing substantial steps toward integrating Bitcoin into US monetary policy, Trump’s more reserved approach still shows that the conversation around cryptocurrency is evolving. The fact that candidates are discussing Bitcoin at major conferences signals a growing acceptance of cryptocurrency within the political landscape. This evolution could pave the way for a future where the US government actively engages with digital currencies, setting the stage for potential policy changes that recognize Bitcoin’s place in the economy.

The notion of Bitcoin as a reserve currency may seem radical to some, but it is grounded in the asset’s unique characteristics. Unlike fiat currencies, which can be printed at will by central banks, Bitcoin has a capped supply of 21 million coins, making it inherently deflationary. This scarcity, combined with growing global adoption, positions Bitcoin as a hedge against inflationary pressures that have plagued many economies. As more individuals and institutions recognize its value, Bitcoin could provide a stable store of wealth, akin to gold.

“I will appoint an SEC chair who will build the future, not block the future,” Trump told the conference to roaring applause. “Most people have no idea what [Bitcoin] is. So what happens when everyone figures it out? That'll be something.”

The path to Bitcoin becoming a viable reserve currency is not without its challenges. Regulatory uncertainty, market volatility, and the need for a robust infrastructure to support widespread adoption must be addressed. Policymakers will need to create a clear regulatory framework that fosters innovation while protecting consumers. Additionally, building the necessary infrastructure for seamless transactions and storage will be crucial in making Bitcoin accessible to a broader audience.

As we contemplate the potential of Bitcoin, it’s also intriguing to consider the possibility of America having its first "Bitcoin President." While candidates like Robert F. Kennedy Jr. are championing cryptocurrency, the broader political landscape is slowly shifting to accommodate this new financial paradigm. Even if RFK does not win the presidency—which he most certainly won't—his advocacy for Bitcoin signifies a cultural and political movement toward accepting cryptocurrency in mainstream discourse. This shift could inspire future leaders to adopt more progressive policies regarding digital currencies, further embedding Bitcoin into the fabric of American financial policy.

The visions of RFK and Trump for Bitcoin as a cornerstone of US monetary policy is an intriguing proposition that could redefine the landscape of finance. By transitioning toward a Bitcoin strategic reserve and committing to daily purchases, the US could strengthen its economic resilience and position itself as a leader in the global cryptocurrency movement. As the world grapples with the implications of digital currencies, embracing Bitcoin could lead to a more secure, transparent, and innovative financial future, ultimately enriching the American way of life. The journey toward this new monetary frontier may be fraught with challenges, but the potential rewards are immense, and the time for action is now.

Rumour has it that Kamala Harris is planning to become more friendly with the crypto industry in coming weeks. If her campaign adopts a similar crypto strategy, the United States will be guaranteed to elect its first Bitcoin President in November and pave the path for other countries to adopt similar strategies.