US Presidential candidate announces plan to back the US dollar with Bitcoin

[Sanitough]

US Presidential candidate Robert F. Kennedy Jr. announces plan to back the US dollar with Bitcoin. Do your think it is a good idea?
source: https://www.thestreet.com/cryptocurrency/rfk-jr-announces-plan-to-back-dollar-with-bitcoin-end-bitcoin-taxes

Obviously, this is just for election campaign purposes, and after that this presidential candidate will not talk about it anymore especially if he’s lucky enough to win. So I don’t think using bitcoin just to leave an impact to the citizens is a good idea. The people are not that stupid enough to easily believe those words that easily come out from the mouth of politicians as they are just considered promises that are bound to be broken. And even so, if we decide to put his name on the presidential position, there will be no guarantee that he is different from those previous presidents that is only using their position for their own personal needs and satisfaction.

[Ayebabara]

US Presidential candidate Robert F. Kennedy Jr. announces plan to back the US dollar with Bitcoin. Do your think it is a good idea?
source: https://www.thestreet.com/cryptocurrency/rfk-jr-announces-plan-to-back-dollar-with-bitcoin-end-bitcoin-taxes

Op you don't have to ask if "it is a good idea", yes it is, because that will make bitcoin very strong and the adoption of bitcoin will increase across Countries. People were arguing that if a candidate of a political parties use bitcoin to campaign in the election, the candidate will win the election and we argued on this for a very long period of time so let us use this USA candidate statement to see what will happen.

[pooya87]

It's entirely impossible to back the U.S. dollar with anything, even partially (say new U.S. dollars created were proportional to some tangible or digital asset).

Once USD deviated from the gold standard, there was too much will by the government to keep borrowing future dollars and hoping the economy would grow quick enough to warrant the borrowing. It was a sound strategy except for they kept printing too much money. And over recent years, the rate of debt generation has increased. The hole is dug too deep to back the U.S. dollar with Bitcoin, essentially. The perverse incentive of deviating from the gold standard was government became an entity that was interested within itself by the members who ran it. It never actually helped the constituency.

US is already in a deep ditch with no exit and the only way they could go back to gold standard or similar standards is to first bring dollar to its realistic value which is a lot lower than this. The US debt alone is $32.6 trillion, in today's bitcoin exchange rate that is 1.1 billion bitcoins! Obviously with bitcoin's max supply being 21 million even if US regime were to store all the bitcoins in the world (mined and yet to be mined) it still wouldn't be nearly enough to cover that.

[larry_vw_1955]

Obviously with bitcoin's max supply being 21 million even if US regime were to store all the bitcoins in the world (mined and yet to be mined) it still wouldn't be nearly enough to cover that.

if they owned all the bitcoin then bitcoin would be kind of like not being used anymore but i guess they could then assign whatever value they wanted to to 1 bitcoin like $1 trillion. the market couldn't prove them wrong because there wouldn't be any open market.

[SamReomo]

US Presidential candidate Robert F. Kennedy Jr. announces plan to back the US dollar with Bitcoin. Do your think it is a good idea?
source: https://www.thestreet.com/cryptocurrency/rfk-jr-announces-plan-to-back-dollar-with-bitcoin-end-bitcoin-taxes

Well that would be really amazing if something like this happens in real life, but I really doubt his words because we all know that politicians promise us the things that we want and when they gain the presidential status then they know the art of U-turns. Many of the politicians have promised things and they just ignored their promises when they gained the powerful position in governments.

If he stick with his promise then I would really want someone like him to be the next president of America because a person who can back US dollar with Bitcoin can be a very valuable person for us Bitcoin enthusiasts. I also believe that anyone who is supporter of Bitcoin would support such candidates even with closes eyes because our main aim is to make Bitcoin more useful and if someone backs world's most acceptable currency with Bitcoin then we will support him.

But, if such people continue taking U-turns then our hopes will be reduced and we will have to wait for a honest and generous person who could make such a dream as a reality. Until then we will see that what would Robert F. Kennedy Jr do when he gets accepted as the next president of America.

[Abiky]

US is already in a deep ditch with no exit and the only way they could go back to gold standard or similar standards is to first bring dollar to its realistic value which is a lot lower than this. The US debt alone is $32.6 trillion, in today's bitcoin exchange rate that is 1.1 billion bitcoins! Obviously with bitcoin's max supply being 21 million even if US regime were to store all the bitcoins in the world (mined and yet to be mined) it still wouldn't be nearly enough to cover that.

The only solution would be a default. But that would create chaos around the world, especially when the USD was relied upon as a stable reserve currency. If the US Presidential candidate is serious about backing the USD with BTC, he should ask the FED to burn money for good. I doubt the FED will do this, especially when inflation is unavoidable.

Robert Kennedy Jr. is just taking advantage of Bitcoin/crypto supporters to win the 2024 presidential race. The odds of him winning are very slim, but anything's possible. No matter what happens, we can remain confident BTC won't be going anywhere soon thanks to the way it was designed. Who knows if it lives alongside Fiat for generations? Just my thoughts

[wxa7115]

It's entirely impossible to back the U.S. dollar with anything, even partially (say new U.S. dollars created were proportional to some tangible or digital asset).

Once USD deviated from the gold standard, there was too much will by the government to keep borrowing future dollars and hoping the economy would grow quick enough to warrant the borrowing. It was a sound strategy except for they kept printing too much money. And over recent years, the rate of debt generation has increased. The hole is dug too deep to back the U.S. dollar with Bitcoin, essentially. The perverse incentive of deviating from the gold standard was government became an entity that was interested within itself by the members who ran it. It never actually helped the constituency.

US is already in a deep ditch with no exit and the only way they could go back to gold standard or similar standards is to first bring dollar to its realistic value which is a lot lower than this. The US debt alone is $32.6 trillion, in today's bitcoin exchange rate that is 1.1 billion bitcoins! Obviously with bitcoin's max supply being 21 million even if US regime were to store all the bitcoins in the world (mined and yet to be mined) it still wouldn't be nearly enough to cover that.

So either bitcoin will have to go through a massive revaluation or the FED will have to literally burn money for the US dollar to be completely backed by bitcoin.

Now sometimes I ask myself if politicians just say those things to gain votes, a likely possibility, or if they are really that ignorant about how their own currency works? As it seems incredible that a presidential candidate could say such a thing when it should be obvious this is not possible.

[Reatim]

US Presidential candidate Robert F. Kennedy Jr. announces plan to back the US dollar with Bitcoin. Do your think it is a good idea?
source: https://www.thestreet.com/cryptocurrency/rfk-jr-announces-plan-to-back-dollar-with-bitcoin-end-bitcoin-taxes

How old are you? do you still believe in every politicians words? because me?
What i only believe about them is their plans of becoming a winner and nothing more not unless they will stick to their promises after election then let it be.
and one more thing is that Kennedy seeing how big the crypto community now so he wanted to earn supporters from inside our community
.

[YUriy1991]

Maybe yes maybe no. although we have all heard at a glance that he has said and promised to protect people's rights to invest in bitcoin if he is elected president in the future, of course this is also a good signal for the development of world financial markets and towards a better future where government institutions are more transparent and more democratic. But, in my opinion, those are just pre-election promises and those comments were born after his appearance at the 2023 Bitcoin Conference in Miami on May 19th.

To be elected to win or not, at least many factors will speak and whoever the future president is, if he is also a Bitcoin pro, surely it will be carried out in stages and depends on definite success.

[Synchronice]

US Presidential candidate Robert F. Kennedy Jr. announces plan to back the US dollar with Bitcoin. Do your think it is a good idea?
source: https://www.thestreet.com/cryptocurrency/rfk-jr-announces-plan-to-back-dollar-with-bitcoin-end-bitcoin-taxes

His statement looks like a populistic one but I think that crypto community is small in America and it can't bring him any real advantage. Also, the government has always been trying to make bitcoin look bad. But there is a very popular theory that President Kennedy was killed because he wanted to end up FED and move on gold standard. This man is also a nephew of ex-president. He probably wants to make it look like he is the descendant of president who wanted to improve financial system in the USA and now it's his duty to do that. I think that's his strategy and what's why he talks about bitcoin and alternative solutions.
By the way, I think it's not really a conspiracy to say that the US is managed by some elites and political figures are just puppets. Who owns the USD? FED, FED owns all the dollar that's in our pocket and safe. FED owns all the money around the world because USD is a global currency. What's the point of saving dollars when it's not your property? It's curious, we work to get paid in something that is not our property and will never be.

By the way, it doesn't matter for FED how much money they will print and whether it will be backed by gold or not because in this case, it's already a global currency and the whole world economy is built on it. Will USD collapse affect the whole world? Yes, tremendously but very rich people will become richer because of economic collapse. Probably sounds counterproductive but that's truth.

[DapanasFruit]

As much as I admire the many innovative ideas coming from the campaign mouth of Robert F. Kennedy Jr., I think am making an exception on this one. I do like the fact that he seems to be very friendly to the crypto industry and is fact accepting donations to his run via crypto assets but backing the USA Dollar with Bitcoin is not something that can help the currency...that is for now. The reason: Volatility.

[armanda90]

Looks excited promising from Unite State presidential candidate Robert F. Kennedy Jr with his plan to back US Dollar with Bitcoin, actually is different promising than other president candidate although still one year left for campaign election. Applause if Robert F. Kennedy Jr finally as official for US presidential candidate he got vote and win as first president agree and not against with Bitcoin.

Although some respond as way how to get interested popularity from United State citizen who interested and invested in Bitcoin, but need to appreciate because he braves announce about his promising and interested to adopt bitcoin who against by all United State parliament right now.  Bring positive viewed one day later exactly United State as most influential country in the world how to make Bitcoin will stable on higher price without any bad news.

[KiaKia]

It's not possible to back the US dollars with Bitcoin but I am still in support of all the candidates that are going for president in the coming election, Kennedy is just one of them and it doesn't have to be him, at least up to three presidential candidates are crypto supporter so it's going to be cool if one of them get to the sit finally, I don't expect anything big from anyone of them than to just be friendly to crypto, especially for those who are living in the united states.

[Abiky]

So either bitcoin will have to go through a massive revaluation or the FED will have to literally burn money for the US dollar to be completely backed by bitcoin.

Now sometimes I ask myself if politicians just say those things to gain votes, a likely possibility, or if they are really that ignorant about how their own currency works? As it seems incredible that a presidential candidate could say such a thing when it should be obvious this is not possible.

It's only an attempt to gather votes from crypto enthusiasts, and libertarians alike. There's no way the USD can be backed by Bitcoin or Gold now nor in the future. The damage is already done. Politicians usually lie to get what they want. Once they're elected, their promises quickly fade into oblivion.

I would take Mr. Kennedy Jr.'s comments with a grain of salt. Besides, what use would it make to have a Bitcoin-friendly US President, when members of Congress are against it? Even government agencies could have someone in charge that doesn't like Bitcoin (eg: Gary Gensler of the SEC). When most governments officials support Bitcoin and crypto/Blockchain tech, will the day when the US would've finally embraced the revolution with open arms. Who knows what the future will look like? Just my opinion