Will Kennedy’s Bitcoin Proposal & Tax Reforms Revolutionize Crypto?

Robert F. Kennedy Jr., an independent candidate for the U.S. presidency, has outlined ambitious plans for Bitcoin. Journalist Colin Wu’s report highlights that Kennedy has pledged that he will sign a series of executive orders to significantly increase the U.S. government’s Bitcoin holdings and make notable changes to the taxation of digital assets, if elected. 

Kennedy’s plans include a directive to the U.S. Department of Justice and the U.S. Marshals Service to transfer approximately 200,000 Bitcoin held by the government to the Department of Treasury. This move aims to position Bitcoin as a strategic asset for the nation. 

Additionally, Kennedy has announced his intention to implement a daily purchase of 550 Bitcoin until the U.S. accumulates a reserve of 4 million BTC. With around 21 million Bitcoin in existence, this strategy would grant the U.S. a substantial share of the total supply.

Kennedy’s proposal aligns with his vision of positioning Bitcoin as a cornerstone of U.S. financial strategy. He parallels the nation’s gold reserves and his Bitcoin plans, suggesting that this policy could propel Bitcoin’s valuation into the trillions of dollars. This initiative reflects Kennedy’s belief in the transformative potential of cryptocurrency and its role in bolstering national economic security.

In addition to these measures, Kennedy plans to address taxation on Bitcoin transactions. He intends to direct the U.S. Internal Revenue Service to issue guidance that transactions between Bitcoin and the U.S. dollar would not be subject to reporting or taxation. This proposed change simplifies and encourages Bitcoin transactions, potentially boosting the adoption of digital assets.

This aligns with the growing support from the Republican Party for the crypto industry, which has pledged to end what it describes as an unjust crackdown. Similarly, Vice President Kamala Harris has started engaging with the crypto sector, following President Joe Biden’s decision not to seek reelection, signaling a potential shift in the Democratic Party’s approach to digital assets.

Moreover, former President Donald Trump is scheduled to address the Bitcoin 2024 conference, further highlighting the growing influence of cryptocurrency in the upcoming election. His appearance is anticipated to provide insights into his stance on Bitcoin and its role in U.S. economic policy.