RFK Jr. wants U.S. Treasury to buy $4 million of Bitcoin to potentially impact price positively.
From Nasdaq.
August 14, 2024 07:30 AM:
The 2024 presidential election is shaping up to be a battle between Vice President Kamala Harris and former President Donald Trump. Independent candidate Robert F. Kennedy Jr. is also in the mix, with a low chance of winning. However, Kennedy’s recent crypto views are gaining attention after unveiling plans to purchase Bitcoin.
Kennedy’s proposal involves the U.S. Treasury buying 550 Bitcoin per day to amass at least 4 million Bitcoins. This aggressive strategy could potentially impact Bitcoin’s value positively. With a limited supply of 21 million Bitcoins, owning 4 million could give the U.S. significant influence over the crypto’s price.
Cryptocurrency is still considered speculative but gaining acceptance, reflected by recent SEC approvals of spot Bitcoin exchange-traded funds. The Treasury investing in Bitcoin, while costly, could diversify its holdings and potentially influence global financial dynamics. This move could pave the way for other governments to also consider cryptocurrency investments.
Although speculative, owning Bitcoin is a strategic move for the Treasury within the evolving financial landscape. With the potential to impact global trade and financial negotiations, a significant Bitcoin position could yield substantial benefits. Despite the potential risks, the upside of such an investment could be considerable in the long run.
While the Treasury investing in Bitcoin may seem unconventional, it has the potential to reshape the financial landscape. As Bitcoin gains more mainstream acceptance, government institutions worldwide may follow suit. In a market where digital assets reign supreme, establishing a significant Bitcoin position could position the U.S. at the forefront of the evolving financial ecosystem.
Read more at Nasdaq.: RFK Jr. Wants the U.S. Treasury to Buy $4 Million of This Unstoppable Cryptocurrency. Here’s Why It Just Might Be a Good Idea.