RFK Jr. Wants America to Buy 9.4M BTC: A Potential Disaster to the Bitcoin System?

Is the Bitcoin Conference just getting underway in Nashville similar to Red Bull?

You know, the energy drink with the famous slogan: “Red Bull gives you wings”.

Listening to Robert F. Kennedy Jr. at the Bitcoin Conference, I thought the conference slogan was: “The Bitcoin Conference gives you wings”.

It is as if being surrounded by Bitcoiners, or pseudo-Bitcoiners for many of them, gives wings to these demagogic politicians, who suddenly become true Bitcoiners and are ready to say whatever the crowd present wants to hear.

While we wait to hear what Donald Trump will say in a few hours, Robert F. Kennedy Jr. has outdone himself.

A few months ago, he said he didn't own any Bitcoin but had bought 21, which he divided between his 7 grandchildren. 3 BTC for each of his grandchildren. Something commendable. At the time, he was extolling Bitcoin's unique properties. It has to be said, though, that he was the first politician in the 2024 presidential race to endorse Bitcoin.

In the end, it was thanks to Robert F. Kennedy Jr. that Bitcoin became a major issue in the 2024 U.S. presidential election. Unfortunately, in March 2024, the same Robert F. Kennedy Jr. was seen promoting a Sh*tcoin.

Are you disappointed to discover this?

You shouldn't be, because it's symptomatic of all these politicians, whether Democrat or Republican. They're all looking for one thing: to get your money to support their campaigns and then to get your vote to get elected. To do this, these demagogic politicians will tell you any lie they can.

Enthused by all the pseudo-Bitcoiners around him, Robert F. Kennedy Jr. suddenly confessed that the majority of his wealth was in Bitcoin:

“I put most of my wealth into Bitcoin. I am fully committed.”

Less than a year ago, Robert F. Kennedy Jr. had no Bitcoin, and now the majority of his wealth is in Bitcoin. He must have made some very large purchases of BTC in recent months... Unless he was lying...

Still buoyed by the euphoria of his first Bitcoin conference, Robert F. Kennedy Jr. didn't want to stop there. He wanted to score points ahead of Donald Trump's appearance on stage tomorrow. A conference that truly symbolizes the loss of meaning of the Bitcoin revolution and its core values. So he had to hit hard.

RFK Jr. said that if elected President of the United States of America, he would push the federal government to buy Bitcoin until America's BTC holdings matched America's gold reserves:

“I would like to have the federal government begin to buy Bitcoin and over my term in office, ultimately have an equivalent amount of Bitcoin that we have gold.”

As a reminder, the US government has the largest declared reserves of gold, with 8,134 tons of the precious metal. At current gold prices, that's $615 billion!

A quick calculation shows just how much BTC RFK Jr. wants America to buy. That's 9.4 million BTC at today's price or 45% of the total Bitcoin supply to be mined. Considering that 3 or 4 million BTC are definitively lost forever, America would control over 55% of the Bitcoin supply available for use.

The pseudo-Bitcoiners present at the Bitcoin Conference were all too happy, imagining that the price of Bitcoin in weak money would skyrocket. They could then be ultra-rich and resell it all in US dollars. Those interested in the Bitcoin revolution's objectives quickly realized there was a huge problem here.

If America were to control 9.4 million BTC, this would lead to enormous centralization and a huge amount of BTC that could not be used in a circular economy based on the Bitcoin system. In short, the idea of RFK Jr. would kill the idea of Bitcoin as a superior alternative monetary system.

With RFK Jr., Bitcoin would be relegated to the mere status of a store of value, in the same way as gold, whereas Bitcoin has far greater potential. A real shame for all those who see Bitcoin as our best chance for the emergence of a decentralized monetary system that gives power back to the people.

After this bad idea, hailed by all the pseudo-Bitcoiners whose influence is enormous on social networks, RFK Jr. delivered some of the usual crowd-pleasing statements:

“Bitcoin is an honest currency. It's a currency that's based on proof of work. Everything's on the ledger, it's decentralized, and that's what we need to do with democracy.”

RFK Jr.'s project would join the secret total control project of BlackRock and other financial giants. With their plans, the Bitcoin revolution would be in danger. The Bitcoin revolution would be definitively marginalized within the current system as a store of value, nothing more. A fatal blow, even though the purpose of Bitcoin is much more powerful than that!

Let's see what surprises and declarations of love Donald Trump has in store for us on Bitcoin in the coming hours. Given all the money he expects to get from the pseudo-Bitcoiners attending this conference, I do not doubt that Trump will be pulling out all the stops when it comes to lying.

The most amusing thing was to hear RFK Jr.'s conclusion extolling decentralization even though his idea amounts to a centralization of BTC supply holding:

“If we want to save our democracy, we need to decentralize.”