Nashville, Tenn. — At the 2024 Bitcoin conference, independent presidential candidate Robert F. Kennedy Jr. captivated a full house with his keynote speech, where he shared his vision for Bitcoin and addressed rumors about Republican nominee Donald Trump’s potential plans.
Kennedy electrified the audience with the revelation that Trump might announce legislation to designate Bitcoin as a strategic reserve asset for the U.S. central bank, which would involve purchasing one million bitcoins by the Federal Reserve.
JUST IN: 🇺🇸 US Presidential candidate Robert Kennedy F. Jr. says “I understand that tomorrow President Trump may announce his plan to authorize the US government to buy a million Bitcoin as a strategic reserve asset, and I applaud that announcement.” pic.twitter.com/kQdF5u5cCZ
— Bitcoin Magazine (@BitcoinMagazine) July 26, 2024
The conference buzzed with speculation about Trump’s impending appearance, where attendees hoped he would confirm the plan.
“I understand that tomorrow President Trump may announce his plan to build a Bitcoin Fort Knox and authorize the U.S. government to buy a million bitcoins as a strategic reserve asset,” Kennedy said. “And I applaud that announcement, and we should all applaud it.”
While it’s unclear how Kennedy learned of the plan, no official statements have been made by Republican lawmakers. However, some details have leaked, and many at the conference were aware of the potential announcement.
Kennedy also outlined his pro-Bitcoin strategy, including changes to the cryptocurrency’s tax treatment.
“I’m going to support making direct ownership of bitcoin tax-free,” Kennedy declared. “The conversion of bitcoin back into dollars will be a non-reportable transaction to the IRS and not subject to capital gains.”
Currently, the IRS treats Bitcoin as property, which means selling it triggers capital gains taxes.
Competing with Trump on Bitcoin
Kennedy positioned himself as a longtime Bitcoin supporter and criticized Trump, framing him as a latecomer with questionable motives regarding the digital currency.
“President Trump has a long way to explain how his personal values align with those of Bitcoiners,” Kennedy stated. “And we don’t really have any assurance do we, that his endorsement is not another ephemeral monetary policy fad du jour.”
Kennedy also attacked Trump’s past anti-Bitcoin stance, recalling the former President’s 2021 comment that Bitcoin was a “scam.”
He criticized Trump’s consideration of JP Morgan Chase CEO Jamie Dimon, a vocal crypto critic, for Treasury Secretary. The mere mention of Dimon elicited boos from the crowd. Trump has since walked back his comments about appointing Dimon.
Kennedy suggested MicroStrategy Chairman Michael Saylor or Custodia Bank CEO Caitlin Long as his choices for Treasury Secretary, drawing thunderous applause.
Kennedy praised El Salvador President Nayib Bukele for his pro-Bitcoin policies and rebuked Trump for suggesting Bukele sent Salvadoran convicts to the U.S. to solve crime in El Salvador.
He concluded his speech with a playful jab at Trump’s hair and positioned himself as the true pro-Bitcoin candidate.
“I don’t think of myself as red, I don’t think of myself as blue, and I don’t even think of myself as purple. Those are the colors of the political parties,” Kennedy said. “Instead, I think of myself as orange. That is the color of freedom.”
Kennedy joked about Trump’s association with the color orange, saying, “It’s true that President Trump has orange hair,” which drew laughter. “But I have an orange heart,” he added.
