Robert Kennedy Jr. wants to buy Bitcoin for $615 billion

Bitcoin is increasingly becoming a political issue in the U.S. election campaign. In addition to Donald Trump, Robert F. Kennedy Jr. is also making concessions to investors.

In a July 24 interview, independent U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) explained his Bitcoin strategy, should he be elected. According to him, he ordered the federal government to buy about $615 billion worth of Bitcoin - the current value of U.S. gold reserves.

"Bitcoin is an honest currency based on Proof-of-Work. It is decentralized and that is what we need to do with democracy," said RFK Jr.

At the current rate of, the U.S. government would have to buy more than nine million BTC - nearly 45 percent of total BTC circulation. According to data from Glassnode however, only 5.6 million BTC are available for short-term purchase.

The investment planned by the 70-year-old would be nearly half of Bitcoin's current market capitalization ($1.33 trillion). According to Glassnode data, at the time of writing, the U.S. government owns 207,000 BTC worth nearly $14 billion.

In addition to RFK Jr., Donald Trump is also betting on Bitcoin as a political issue. The Republican has made numerous promises to the industry in recent weeks, including wanting to better support mining. On crypto betting platform Polymarket, Trump is currently leading the race to the White House with 60 percent, followed by Kamala Harris with 38 percent.

Kennedy Jr. comes in at less than one percent, so the chances of the U.S. government buying Bitcoin worth its gold reserves are extremely low.