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

[CryptSafe]

I have long been hearing his love and support for bitcoin adoption onset his Presidential ambition but i still believe this is just a point to gain political publicity and to find favor in the eyes of the masses and pro-bitcoin enthusiast. This is a battle he would need to fight through because just few political elite would stand by him and possibly the bitcoin  community in America. These are part of his manifesto in the ongoing campaign in the forthcoming election. Despite his background, he has a long way to clinching the most exalted office in the Unite States.

[coupable]

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

The first point is that even if it is a good idea, it is nothing more than campaign promises to get more votes. It can only be seen as a slogan in an election campaign, nothing more. There is no point in discussing the idea from other angles.
The third point is that this candidate does not have a real chance of winning the electoral race, and therefore he is trying to gain support from the crypto community, forgetting that this technology does not serve the interests of financial institutions, and it is very difficult for this to enable him to obtain the support he is looking for.
The third point is that a decision like this cannot be a decision of the president alone, and it may have nothing to do with determining the country's financial policies, especially since we all know that the Federal Reserve is an institution independent of the White House and Congress.

[Cryptomultiplier]

While it may sound like a brilliant idea, let's not forget same U.S SEC regulators are bearing down hard on the crypto industry mostly exchanges like Binance and Coinbase.

Also, it is wise to not take too seriously what a politician vying for a political position is saying. Many of citizens have fallen victims of political agendas after tendering their votes and have lived to suffer the decisions that these elected leaders made thinking it was the best solution to the economic hardship.

Although U.S may sooner than later have no option to adopt cryptocurrencies as legal tender just like U.K, what remains to be seen is if regulators would be allowed free reign. It defeats the idea of decentralization, but it is the closest good that has been done by any government in these times where we have seen crypto been banned and when inflation has become the order of the day.

[GiftedMAN]

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. 

And all these supports and advocating for Bitcoin are completely selfish.  It's very difficult to trust what's said by politicians these periods. Well, more actions and less talking would be decisive not all these fake promises  just  to win votes for the elections.
Americans are not stupid to listen to the crap he has all utterted during his campaigns.

All that's needed is a stable United States of  America,  accepting innovations and fighting against inflation. Much improvements on the economy and lastly reduction of the  money sent to Ukraine to fight the war. What's seen is money laundering between them.

[HoferBit]

I learned two things from this post.
1 Don't trust a single word politicians say.
2 Any news is good news.

[NotATether]

US Presidential candidate Robert F. Kennedy Jr.

...is a joke, and should not be taken seriously. This guy spreads conspiracy theories about COVID-19 and other stuff. It's hard to believe that he will ever become the president or even win the primaries, when it seems that a large percentage of the Republican starboard supports an even more grim character instead (Trump).

Anyway, gold standard is dead. So even if he does become the president, he won't be able to tussle with the Federal Reserve to make a "bitcoin standard" because they won't allow him to.

[Fundamentals Of]

For me that's a good idea, but you're probably asking the wrong question. We should probably ask, is this even possible? Even if Kennedy Jr. will turn out the winner in the coming elections, I doubt he could make this happen. This might happen in the next decades, but not soon. I don't think the people, the institutions, and all the different sectors in the country would accept this too shocking step.

Even Kennedy Jr. is definitely aware of this himself. His pronouncements are probably just rhetoric and are made to get the support of the Bitcoin community.

[CryptSafe]

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. 

And all these supports and advocating for Bitcoin are completely selfish.  It's very difficult to trust what's said by politicians these periods. Well, more actions and less talking would be decisive not all these fake promises  just  to win votes for the elections.
Americans are not stupid to listen to the crap he has all utterted during his campaigns.

All that's needed is a stable United States of  America,  accepting innovations and fighting against inflation. Much improvements on the economy and lastly reduction of the  money sent to Ukraine to fight the war. What's seen is money laundering between them.

It is one thing with politicians to say something and another thing to act on what they have said. Although i have long read about his support for bitcoin but i am now beginning to realize now that it might likely be a calculated attempt to gain the interest of the masses more especially the bitcoin community and that is where he got it wrong. Politicians are always good at their talk work but does nothing when they get to the office. All are just cheap political point. Like i have said in my previous reply here, despite his background,he has big names to contend with.

[pooya87]

That's the dumbest thing I've ever heard, although pretending to support bitcoin from candidate wannabes is not a new thing. It happened in the past elections in US too.

But this is dumbest because it is not even possible to do so. For starters POTUS is not capable of making such a fundamental change. The regime decides these things and they won't allow strengthening of bitcoin that threatens existence of the dollar.
Secondly due to the gigantic amount of dollar the the regime has printed so far the exchange rate they have to set for bitcoin (to be backing the dollar) has to be something like $10 million per bitcoin. That means shooting the price up and US is not capable of accumulating that much bitcoin to back its massive amount of worthless dollars.
Finally bitcoin is not gold that they can fool the world with by saying they have the backing gold safe and sound. They'd have to publish an address which anybody could verify and the world will know instantly if they break the ratio which we know they have no other choice but to do that. Over the past couple of months ever since the debt ceiling was raised they printed over a trillion dollars!!!

[MinoRaiola]

This all sounds very good for bitcoin and the people in our community, but i think he is just saying it to get mentioned more in the media. It currently looks to me like a public relations act to catch more people. The US-Dollar should be so strong as possible worldwide, it should be used for trading in many countries. Currently, a few countries are turning away and no longer want to use the US-Dollar and if bitcoin now comes and offers another opportunity to not use the USD, then I do not think it will happen.

[OgNasty]

The crazy part to me about a Kennedy backing Bitcoin is that the last President who tried to free Americans from a Central Bank controlled currency was also a Kennedy. For those who are unfamiliar with why the CIA assassinated JFK, do a little research on Executive Order 11110. As good as a candidate backing Bitcoin could be, they would literally be killed by our own government before anything could be done.

[freedomgo]

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. 

True. Politicians are the greatest liars of all time. They will do everything just to lure the people and when they got into power, everything that come out from their mouth during election were totally forgotten. That’s the sad reality that even politicians themselves come to admit it. However, I don’t think majority of the citizens will come to support on his advocacy. The government is against bitcoin, and so he should be seen respectful in the first place so that people will eventually trust him even if they don’t know him actually.

[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

It's because this politicians isn't popular, especially outside US. It would be different if popular candidate such as Biden or Trump said it.

Of course, this was not a serious question, because it is quite clear what kind of candidates have the only chance to become president in that country for the last 20 years. Completely incompetent like Bush Jr., those who promote war and then award themselves the Nobel Peace Prize, or complete lunatics and senile people shaking hands with the air and inviting the dead to join them on stage.

The one we're talking about wouldn't be a logical continuation, although I'm not surprised anymore when it comes to this country.

[thecodebear]

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.

He is a joke. And no he is not a serious contender lol. He's a loon. Guy is a complete joke and conspiracy theorist, the type of person that is normally a Republican, but for some reason he claims to be a Democrat haha. Probably most of whatever small amount of support he has is from Republicans who like him cuz he's a crazy conspiracy theorist and that's what they're into.

Add to that the fact that he for some reason claimed to not own any Bitcoin and then it came out recently that he does own Bitcoin. Like, why even lie about that?! He says he supports Bitcoin but lies about not having any. Soooo weird and suspect.



Anyway, I think backing the US Dollar with Bitcoin is a pretty stupid idea. USD is fiat, and the whole system is based on fiat. Makes much more sense to just adopt Bitcoin broadly as an alternative than try to back the dollar with it. Also a partially-backed dollar is meaningless. Something is either backed or not backed, partially backed is not backed. Maybe in the future if fiat currencies collapse it would make sense to make a new currency backed by Bitcoin, but to back an existing fiat currency with bitcoin doesn't make sense.

Makes much more sense for the US govt to start using Bitcoin as part of their reserves the same way they hold Gold reserves, not tied to the fiat currency. Buy up like $10 billion of Bitcoin to hold as a reserve. In addition to that treat Bitcoin as money from a legal standpoint so it isn't taxed (or at very least make a tax exemption for smaller bitcoin payments to cover everyday spending), make a sensible regulatory framework around the industry instead of just letting the SEC wildly attack the industry, promote Bitcoin education so that there is less disinformation about Bitcoin among the population, promote merchant adoption of Bitcoin, and involve Bitcoin mining in energy infrastructure projects and so that it becomes standard procedure for miners to be placed at power plants to help with energy industry issues. All that makes a hell of a lot more sense the idea of backing the USD with BTC coming from a loony third rate conspiracy theorist politician.

[KingsDen]

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

This is one among hundreds of stories and promises we hear during campaigns and elections. The States and European countries do it with some iota of modesty. But in Africa they do it without recourse and you will understand that it is 100% never gonna happen. The candidates that do this are unpopular candidates. They make such news in order to make waves that will bring them to the front page of the media.

I am not in the States, so I don't know how popular Kennedy Jr is. I know the real Kennedy is an icon in the USA, could it be that his firm is transferred to the Jr. We should not take such a statement serious if it's not coming from the candidates that has the guts.

[Wimex]

Another Kennedy as a candidate for president in the United States!!! that is a surprise, this family has been involved with politics for years, so the possibility that they have several politicians at their side would not surprise me, they must handle many influences, so yes I believe that there is a contingencing that become president. however, like all politicians, Kennedy is making promises that he himself knows he cannot keep unless the council agrees, so his hopes of being able to involve bitcoin with his possible governorship may be affected by the circumstances and the opinions of others... and although it would be very good news if he managed to finalize this proposal that would definitely benefit many, it is still too early to claim victory and say that the United States government is finally becoming aware of bitcoin.

[teosanru]

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

You remember how Kayne west said a lot of things as well? How he will change things if he becomes the president, the most important word here was if. RFK hasn't even been declared as a presidential candidate from any party he just desires to be one of the presidential candidates. Also I am pretty sure after listening this he won't get a lot of support from his peers as well as people.

[Viscore]

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.

I believe he’s a smart candidate actually because he’s using bitcoin for his own advantage, but at the end of the day, if ever he wins, I don’t think he’ll still think about his promise but eventually forget everything about bitcoin. Just like any election candidate, he’ll do everything to convince people but once he’s in power, it’s still all about fiat and fulfilling his greed for his own desires.

[Falconer]

I'm not sure how true that statement is, but it's an idea that has a low probability of coming true. Politicians back bitcoin because they want to get a lot of support from the community, that wouldn't be too surprising. Perhaps this idea is a bit unreasonable because the president does not work alone in making decisions, so even if this plan is implemented, the plan may change due to government pressure.

[usekevin]

The current US government totally against the bitcoin which had badly affect the bitcoin price.Most of the US people had return their money from the cryptocurrency is the big back fire to the cryptocurrency market.It was the biggest crash to the crypto market for the past few decades,So this will make the big change to the crypto market.This will create the biggest demand for the bitcoin and the cryptocurrency in the US investment market.So this was the welcome one among the crypto traders.