Donald Trump, the Republican Party candidate for the U.S. presidency, and Robert F. Kennedy Jr., an independent candidate for the same position, have pledged to create a federal bitcoin reserve if they win the elections. According to Catherine Chen, Head of VIP & Institutional at Binance, the world’s largest cryptocurrency exchange and leading blockchain ecosystem, this announcement represents another step towards the legitimization of digital assets.
Robert F. Kennedy Jr. declared his commitment at the Bitcoin Conference in Nashville on July 26th. He stated that if elected, he would order the transfer of 204,000 bitcoins currently held by the U.S. as confiscated assets to the Federal Reserve, where they would serve as a strategic resource. Furthermore, he pledged to instruct the U.S. Treasury to purchase 550 bitcoins a day until the reserve reaches at least four million bitcoins, comparable to U.S. gold reserves.
The next day, Donald Trump spoke at the conference and promised that if he is elected, his administration would not sell any bitcoins currently held by the U.S. government. “In fact, this would form the basis of a strategic national bitcoin reserve”, Donald Trump said.
These statements come just two weeks after Larry Fink, co-founder and CEO of BlackRock (the world’s largest investment fund managing over $10 trillion), admitted that he has changed his skeptical stance on bitcoin, acknowledging it as a “legitimate financial instrument”. It should also be noted that El Salvador, the first country to recognize bitcoin as legal tender, has moved a significant portion of its bitcoin holdings into secure storage and made the wallet address public. The Salvadoran treasury currently holds 5,825 bitcoins, worth over $405 million.
Catherine Chen, Binance’s Head of VIP & Institutional, believes the discussion surrounding a U.S. bitcoin reserve is significant and positive for the cryptocurrency market. She highlights that the increasing mention of bitcoin in public debate is a good sign for the entire sector. Particularly, Robert F. Kennedy Jr.’s proposal to establish a bitcoin reserve equivalent to the size of gold reserves further affirms bitcoin’s role as “digital gold”.
“The implementation of such a reserve would require both legislative changes and technical solutions. However, the most important thing is that politicians and influential industry leaders are beginning to openly talk about bitcoin, recognizing its value in the monetary system. This in turn could accelerate the process of creating clear regulations for the cryptocurrency market”, commented Catherine Chen.
In the view of the Binance representative, the decision of the U.S. presidential candidates to create a bitcoin reserve could encourage institutional investors to allocate funds to bitcoin as a value-preserving asset. Furthermore, it could influence investment decisions in the context of wider macroeconomic conditions.
Source: https://managerplus.pl/trump-i-kennedy-jr-obiecuja-stworzenie-strategicznych-rezerw-w-bitcoinie-20745
