Sat, July 27, 2024 at 08:03

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some intriguing news from the Bitcoin Conference 2024 in Nashville.

  • Robert F. Kennedy Jr. has announced an ambitious plan to transform the U.S. approach to Bitcoin if he is elected President.

  • 
• Annie

  • Wow, that sounds interesting!

  • What exactly is his plan?😊

  
• 

  Kang-hoon

  • Kennedy plans to sign multiple executive orders on his first day in office to integrate Bitcoin into the U.S. economic strategy.

  • This includes directing the Department of Justice and U.S.

  • Marshals to transfer approximately 200,000 Bitcoin held by the government to the U.S. Treasury.

• Annie

  • That's a lot of Bitcoin!

  • What will the Treasury do with it?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • The Treasury would hold this Bitcoin as a strategic asset.

  • Additionally, Kennedy proposed that the Treasury purchase 550 Bitcoin daily until the U.S. accumulates a reserve of at least 4 million Bitcoin.

• Annie

  • 4 million Bitcoin?

  • That's massive!

  • What does he hope to achieve with this?

  
• 

  Kang-hoon

  • Kennedy believes this move would establish the U.S. as a dominant force in the global Bitcoin market, similar to its significant share of global gold reserves.

  • He also aims to reform the tax treatment of Bitcoin.

• Annie

  • How does he plan to change the tax treatment?🤔

  
• 

  Kang-hoon

  • Kennedy plans to sign an executive order instructing the IRS to make all transactions between Bitcoin and the U.S. dollar non-taxable.

  • He also proposes allowing Bitcoin to be used in 1031 exchanges for real property, enhancing its usability.

• Annie

  • That sounds like a big shift.

  • But is everyone on board with this plan?

  
• 

  Kang-hoon

  • Not quite.

  • Peter Schiff, a well-known Bitcoin skeptic, has harshly criticized Kennedy's proposal.

  • 

  • He labeled it as a vote-buying strategy, suggesting Kennedy is trying to attract Bitcoin enthusiasts by promising to use taxpayer funds to buy Bitcoin and eliminate income taxes on Bitcoin gains.

• Annie

  • Peter Schiff again... What exactly did he say?😅

  
• 

  Kang-hoon

  • Schiff stated, 'There's nothing strategic about Bitcoin.

  • No nation should own any as a reserve asset.'

  • He also argued that Bitcoin does not offer the same benefits as a return to a gold standard, which he supports.

• Annie

  • So, Schiff prefers gold over Bitcoin.

  • Did anyone else comment on Kennedy's plan?

  
• 

  Kang-hoon

  • Yes, Michael Saylor of MicroStrategy proposed a similar plan but faced criticism from Schiff as well.

  • Saylor suggested that the U.S. government should amass a considerable Bitcoin reserve, just like it holds a significant portion of the world's gold and land.

• Annie

  • And what was Schiff's response to Saylor's proposal?

  
• 

  Kang-hoon

  • Schiff labeled it as a bid for a government bailout of Bitcoin.

  • He accused Saylor of seeking government intervention to prop up Bitcoin and implied that such a move would leave taxpayers exposed to the risks of a failing crypto market.

• Annie

  • Wow, that's quite a heated debate.

  • So, what do you think?

  • Is this news good or bad for the market?

  
• 

  Kang-hoon

  • In my view, this is a positive development.

  • Kennedy's plan, despite the criticisms, could significantly boost Bitcoin's legitimacy and integration into the mainstream economy.

  • If executed, it could drive substantial investment and interest in Bitcoin, potentially leading to a bullish market trend.

• Annie

  • That's good to hear!

  • Thank you for the detailed explanation, Kang-hoon.😊

  
• 

  Kang-hoon

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.