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

[HoferBit]

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

[Faisal2202]

He didn't said he is going to do it like it is really happening. In stead he said, he will do it when he will become the president. And i don't think at the first hand that he will become president because due to this motive or aim he will never be supported by other political leaders but maybe by few.

But mostly political leaders do not wants it. Because all they want is less talks on BTC related issues in their offices. The reasons we all aware of like money laundering etc but still, this is just his wishes to do when he will become one but untill then we should avoid such imaginations.

[Kakmakr]

Do not believe anything that comes out of a politicians mouth... they will say anything to garner more votes for the election. In the election where Trump won, some senators advocated for "Bitcoin" support and when Trump got into power and he decided not to support it.... they went quite to protect their jobs and their salaries. 

I say.... "actions" speak louder than words... so JFK jr should stop talking and show us how he gets support from the rest of the senators, against the President of the country. 

[Hatchy]

I'm sorry to tell you but instead of just sharing links and copying text from sources, it would have been better if you had created a proper post. Next timetry to be more creative.

I read about this before but how likely is it to happen? It seems like it's just another strategy to support his presidential campaign

That's  if he wins the next election and keeps his promise

on the other hand, this could be an advantage to the US dollar. having been backed up by Bitcoin will give it more stability, trust in monetary policy and transparency. However it's better not to get our hopes up too much.

[Tytanowy Janusz]

It's just a marketing ploy. Firstly, he would have to be supported by Democrats, secondly, he would have to win, thirdly, in my opinion, the president does not have the power to change the foundations of the dollar without the support of others (FED, Department of the Treasury etc) , fourthly, the dollar did not move away from the gold standard in 1970 to introduce the bitcoin standard now. Once gained printing power, is not something elites will ever give away without fight.

on the other hand, this could be an advantage to the US dollar. having been backed up by Bitcoin will give it more stability

I don't think it will.

[mk4]

Just for a better and more accurate headline, this is what he actually said: "My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin".

Great news nonetheless, but it's probably getting overblown.

[dzungmobile]

US Presidential candidate Robert F. Kennedy Jr. announces plan to back the US dollar with Bitcoin. Do your think it is a good idea?

Bad idea.

Even the US. dollar is inflationary and lost its purchasing power over time, it's terrible idea to back the US. dollar by Bitcoin. You can connect this idea with the Terra Foundation Guard which uses some cryptocurrencies including Bitcoin and how it failed to protect Terra LUNA token and its algorithmic stable coin UST.

Luna Foundation Guard Adds to Terra Reserves With $880M LUNA 'Gift'. 1 month after that, the Terra death spiral happened.

Lastly, don't believe in politicians as Robert F. Kennedy is only trying to make noise, get votes for him. Politicians usually don't keep their promises.

[pakhitheboss]

Just for a better and more accurate headline, this is what he actually said: "My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin".

Great news nonetheless, but it's probably getting overblown.

Any news on Bitcoin always gets hype and if a presidential candidate is constantly discussing Bitcoin then it will get overblown. As of now, he is just a candidate, who wants to win the election, and therefore such statements are coming out of his mind. In all cases, if he wins, I doubt he will ever implement what he planned and what he has spoken in the past about Bitcoin.

[mk4]

Even the US. dollar is inflationary and lost its purchasing power over time, it's terrible idea to back the US. dollar by Bitcoin. You can connect this idea with the Terra Foundation Guard which uses some cryptocurrencies including Bitcoin and how it failed to protect Terra LUNA token and its algorithmic stable coin UST.

Luna Foundation Guard Adds to Terra Reserves With $880M LUNA 'Gift'. 1 month after that, the Terra death spiral happened.

Lastly, don't believe in politicians as Robert F. Kennedy is only trying to make noise, get votes for him. Politicians usually don't keep their promises.

It's nothing like Terra/Luna at all. If it actually goes through, the only allocation to bitcoin would be sub 1% of t-bills because there will also be allocations to gold and silver platinum. Not to mention that Terra/Luna had a hard 20% inflation with emissions that's claimable by the minute. Read the article.

[kryptqnick]

I thought this guy running for president was a joke, but then I checked his rating, and apparently he's a very strong contender... Hopefully, though, the Democrats won't choose to be represented by an anti-vaccine conspiracy theorist. Also, him winning the elections will be a huge disaster for my country (Ukraine).
I think he's talking about Bitcoin because a Republican contestant, DeSantis, is building his campaign largely on being pro-Bitcoin. Making Bitcoin tax-exempt from capital gains is a great promise, but backing the USD with Bitcoin sounds a bit crazy to me, but he says he would start at 1% (and not all of that is even going to Bitcoin), with annual increases, so it's more of a wordplay than anything serious.

[Majestic-milf]

 It's one thing to say a thing and another to actually do it. I won't be excited that such a declaration was made if I were you because these guys are good at manipulating the public with sweet words. Last two weeks if I'm not mistaken, he denied owning bitcoin assets but upon careful investigation, it turns out he has $250,000 worth of BTC. That should tell you a lot, Op.
 And according to news, it's only a plan he would carry out if he becomes president and that's a big "if" since he's got lots of strong competition from the likes of Donald Trump and DeSantis..  
 

[Fiatless]

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

I don't always believe what politicians say especially during campaigns but it is good news. Integrating Bitcoin into the monetary policy of a financially strong and politically influential nation like the US is a big boast of bitcoin. He said the dollars will be backed by bitcoin, gold, and silver gradually. He also promised to make the US bitcoin-friendly through tax exemptions and fewer regulations.

We have had some US presidential hopefuls proposing policies to make Bitcoin popular if they become president and the majority of them are Republicans. This news alone is good for Bitcoin and we keep hoping that any of them wins. I have not heard Trump's current views about bitcoin after he called it a scam. Maybe his views have changed after all his predictions failed.

[joniboini]

In all cases, if he wins, I doubt he will ever implement what he planned and what he has spoken in the past about Bitcoin.

If I remember correctly, some US states already plan to hold some Bitcoin to store their wealth. I do recall seeing some news talking about more or less the same thing, so while it is mostly a marketing ploy, the fact that some government bodies or politicians utter such words means that crypto is a good market for them. Hopefully, this doesn't turn into another situation where they claim one project is a security one after another when the regulation is unclear though.

[Z390]

If it's Robert F. Kenedy then it's possible that he can do it because he has been visiting Bitcoin conferences since last year, I think his target is the crypto people, he believes so much in the cause, but well, he is still another politician, they are 99% not the man of their words, they will promise heaven and earth and on getting to the sit they will turn into something else.

Still, he isn't the only political figure that supports crypto, so that's the good part here but I believe it will be very bullish for crypto if someone like Kennedy made it to the presidential election and wins.

[tbct_mt2]

If I remember correctly, some US states already plan to hold some Bitcoin to store their wealth. I do recall seeing some news talking about more or less the same thing

North Carolina Reps Suggest Adding Bitcoin, Gold to State Treasury.

Not sure there are more states in the USA. have congressmen/women want to make such suggestion or plans to do that.

so while it is mostly a marketing ploy, the fact that some government bodies or politicians utter such words means that crypto is a good market for them. Hopefully, this doesn't turn into another situation where they claim one project is a security one after another when the regulation is unclear though.

From the hearing on oversights of SEC. on cryptocurrency, which was held in April 2023, facts are many members in the USA. Congress are supporters for blockchain industry, companies and cryptocurrency. They don't want to see a wave of such companies moving out of their  nation because of SEC. regulations which are not based on existing laws.

[Blitzboy]

Part of me is amazed at how bold it is to link the most important legal currency in the world to Bitcoin, the digital gold of the 21st century. A stroke of genius or a risky jump into the uncharted seas of smart money management?

I agree with the idea behind the effort, which is to bring about stability, stop inflation, and make the U.S. dollar more important around the world. Changes from Bitcoin to dollars wo't be taxed as capital gains, which will also help more people use digital currencies.

Yet, cognitive conflict looms large. Skepticism keeps asking me about how fragile Bitcoin is. Can it really hold up the economy of the world? Putting such a plan into action is still a puzzle that needs to be solved before anyone can take a clear position

[Lucius]

I'm really surprised that this news hasn't already resulted in a significant price increase because it's the presidential candidate of the most powerful country in the world

Does anyone remember the last and or predecessor presidential election in the U.S. and all those candidates who played the Bitcoin card? Of course you don't remember, because they all failed completely.

If RFK happens to become president and only tries to scratch at the US dollar, the same fate as his grandfather could befall him - in that country such things are not forgiven.

[salad daging]

Do not believe anything that comes out of a politicians mouth... they will say anything to garner more votes for the election. In the election where Trump won, some senators advocated for "Bitcoin" support and when Trump got into power and he decided not to support it.... they went quite to protect their jobs and their salaries. 

Is it because it coincides with the bullish season? because of the US general election in November 2024.

Yep I also actually don't believe in that statement because it's clear that it wants to attract the attention of many people for bitcoin fans, at least this way is to push a lot of votes on RFK.

If they are already in power they are free to do anything that originally supported bitcoin, later it will refuse because many are against, but if that all happens then I am quite happy to hear the news now.

[Knight Hider]

No president will be allowed to reduce the power of the Federal Reserve. The last Kennedy who tried was assassinated months later.

--Knight Hider

[tread93]

It's a noble pursuit that of course will be met with with a lot of FUD but of course I think it's a good idea. Way better than the idea of a CBDC. I'm definitely looking forward to seeing all the arguments for and against that have just started to come forward and will continue to come forward.