Bitcoin would benefit from the election of Donald Trump, but even more from that of his rival Robert Kennedy, the first to embrace bitcoin.
Kennedy wants as much gold as bitcoin
Unlike Donald Trump who turned his coat a few weeks ago, Robert Kennedy is a bitcoiner from the very beginning. The presidential candidate has reiterated his ambition to embrace bitcoin if elected.
“Bitcoin helps restore individual freedom and the integrity of the state. It allows the middle class to protect itself from inflation, which is a form of dispossession for the benefit of the government.”did he declare.
And while it is rumored that Donald Trump will announce this Saturday the creation of a “strategic bitcoin reserve”R. Kennedy has outbid each other.
“I would like the federal government to buy bitcoins and have as much gold as bitcoin by the end of my term”he said.
That’s quite a promise considering the US government only has 210,000 bitcoins in its possession, or about $14 billion. In contrast, US gold reserves are worth $640 billion. That’s half the amount of bitcoins at the current price…
Why R. Kennedy supports bitcoin? Because it is a currency “honest in that no one controls it. If we want to save our democracy, we need to decentralize things.”
For him, bitcoin is “the incarnation” of this vision giving pride of place to “individual sovereignty and freedom.”
Vaneck also expects nations to start accumulating bitcoins one after the other, despite what Germany and England say.
$3 million by 2050?
This is what the research director of Vaneck, a firm behind one of the American ETFs backed by bitcoin, anticipates. Matthew Sigel made statements as sensational as those of R. Kennedy on CNBC:
“When we look at the world today, we see huge economic imbalances, growing distrust in existing institutions and a trend towards deglobalization.”he said.
This is a thinly veiled reference to the institution called the “dollar.” Indeed, Matthew Sigel goes further to say that “These distortions stem from the same underlying reason, namely a horrible allocation of capital since the subprime crisis. G7 governments have abused the printing of money to finance chimeras such as “net zero carbon”, war and mass surveillance.”
“So much so that G7 governments are now spending 30% of their tax revenues on debt interest alone. Our trading partners are increasingly saying stop. They have also done this math and are reluctant to put their reserves into US debt. We believe that bitcoin, as the first global, decentralized, immutable, censorship-resistant digital asset with a fixed money supply, is the ultimate hedge against this growing tax recklessness.”
Vaneck's representative anticipates a bitcoin at $325,000 within five years. This corresponds to an annual appreciation rate of 32%. And only 16% per year for his target of $3 million by 2050.
“We predict that 10% of international trade will be in bitcoin by 2050. We further anticipate that central banks will hold 2% of their reserves in bitcoin, compared to 22% in gold today.”he justified himself.
Don’t miss our article: Russia pleads in New York for end of dollar monopoly.
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