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

[panganib999]

Good for him if he's actually able to back this promise up. But at the same time I don't really hope for much especially when the whole country's against cryptocurrencies in the first place. Plus I don't think this is a strong platform for him to use since there's no real benefit for US to back themselves with a speculative asset like bitcoin, if anything the same thing that happened with El Salvador may happen to US if they were successful at implementing this stupendous promise.

At the end of the day, it's not about bitcoin backing the dollar and all that shit which will solve the issue of America and its economy. It's how they carry themselves, as well as the abolition of the exploitative capitalistic model that they've since adapted that will solve their economic struggles.

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[larry_vw_1955]

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 exactly does one back up the US dollar with bitcoin? i bet no one here knows. and dont tell me you just print bitcoin addresses on paper bills.

Finally bitcoin is not gold that they can fool the world with by saying they have the backing gold safe and sound.

right! they can't just say it is backed by bitcoin without being able to prove it. but how do you prove something like that?

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.

that wouldn't work either because even IF the bitcoin address held funds in a sufficient amount to back all existing US dollars, you have no guarantee that they would actually use that bitcoin to honor when people tried to cash in their US dollars.

also, it's really not possible to know exactly how much us dollars are in existence at any moment in time, unlike with bitcoin.

Over the past couple of months ever since the debt ceiling was raised they printed over a trillion dollars!!!

they probably printed even more than that. we just don't know about it. which is another problem. if someone is printing money off the books why would you trust the fox to guard the hen house?

[worle1bm]

It's big statement even if has said about 1% of backing up with Bitcoin because if US follow up this step it would have huge impact on other countries and prices as well but they said lot of things to win the election and to implement any decisions bills need to be passed which takes times.But atleast he has given such statement so appreciate him for being supportive towards btc.

[Afnan_faizah]

although bitcoin is unlike real gold which has physical form but bitcoin is not depend on country which mean it can be safe enough. it is very risky move because bitcoin price is still volatile but I think in the long run it can be good decision. I am very happy to hear any good news about bitcoin because it can make bitcoin price rise. many countries start to reduce the usage of USD for international transaction, if US government want to make those countries to use USD like normal then it will be good if they make some innovations, that's my opinion.

[Latviand]

Hey, want to know what happened the last time the financial institutions was threatened by policies of the presidents? Is Robert Kennedy Jr. planning to follow in his father's footsteps? Getting assassinated isn't the way to go unless he has big backers and he has a lot of friends in the CIA. Also, it's not worth it right now with the current volatility of bitcoin, if say it's backed by bitcoin, USD will be tied to the fluctuations in the market which isn't favorable for the US not to mention that transition would be difficult, didn't the Federal Reserve or the US Mint stated that they will not transition to using polymer for their paper currency? Imagine how difficult it would be for them to do that and then expect them to do this which is by far more complex than the currency material transition.

[LogitechMouse]

~
Do your think it is a good idea?

It's a good idea... or it isn't. It might be a good idea, or it might not be, but the question is how realistically this can happen.

Another problem is they're politicians, and I don't want to generalize all politicians around the world because I still believe that there are still good politicians out there who isn't corrupting at all, but most of the politicians don't stand to what they are saying months before the election. I still remember when our ex-president here in our country said that he will eradicate all drugs in our country in 6 months. Well, many voters fell to that trap (excluding me because I didn't vote for him at that time), and when he won as a President, 6 months after he said that "The problem was larger than I thought." His term ended already, but drugs are still everywhere. Anyway, I just shared a little bit of our history.

I don't believe that this will happen especially if it came from a mouth of a politician. This is just their way to attract more voters, but the reality is they will not do it. I don't even want to think on how he will do it (if he wins) because I know that he will not do it just in case he wins.

[tygeade]

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.

I mean it's not about who would be the "best" candidate, it's about who would be likely. No matter how senile or not Biden is, he is the running president right now, how many times in your life you have seen a president not go for a reelection? When you are the president, it's like an automatic way of getting another nomination, that's just how it works.

Trump was the worst president I have seen in many decades, since like papa bush he has been the worst (don't remember before that due to my age) and he still got nomination by landslide. I bet that Biden will get it like with 99% of the votes, that's how it works. I know that it's going to be tough, but that's how it works and we are going to see him nominated again.

[macson]

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

In the United States, presidential decisions are not absolute. The United States government system is based on the principle of separation of powers known as "checks and balances". This is intended to prevent abuse of power by one branch of government. The branch of government in the United States is divided into three, namely:
- Executive: Headed by the president
- Legislature: Consists of a Congress which consists of two bodies, namely the Senate and the House of Representatives.
- Judiciary: It is an independent court system presided over by the Supreme Court

according to Google, the desire of the US president is not that easy to happen, there must be agreement from various parties to legitimize all the wishes of the president, but seeing from the high enthusiasm of the citizens of the USA for bitcoin, it is not impossible that when kennedy jr served as president of the USA then bitcoin will become a backup dollar, changes continue to occur as long as 2 of 3 USA stakeholders demand approval of bitcoin as a backup dollar then it will happen, but the IMF, world bank, wall street, and the Rothschild family will definitely thwart this desire and when it will be easy to legalize bcause USA is a big country that really influences the world.

[Crypt0Gore]

It's fine to hope but don't take this too serious, There is a possibility that this candidate or any of them that want to support crypto  will never get there, if they plan to make this work they shouldn't have come out in the open and talk about what they will do when they become the next president, now some.powerful people knows what these candidates are up ro already, and there is enough time to prepare and make sure none of them succeed.

It's the same mistake that that hateful crypto woman plan to do when she becomes the next president of the United States, kill the entire crypto, you don't tell the world your plan you just make it happen so that the journey can become less tougher for you.

I can't wait to see who gets there next, if Kennedy gets there also let's hope that he won't turn Into something else.

[Abiky]

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

Of course it's a good idea. It's like going back to the Gold standard. Only better because BTC is decentralized and it's easy enough to carry anywhere (portability) unlike the beloved "yellow metal". Mr. Kennedy Jr. knows there are a lot of crypto supporters in the US, so he needs their vote if he wants to gain an advantage over his rivals. After all, Bitcoin is the future of money. It cannot be ignored, whenever mainstream governments like it or not.

While the chances of Robert Kennedy Jr's election win are pretty slim, anything's possible. There are a lot of crypto industry players disappointed with the Biden administration's tough stance against crypto, so it's likely they'll vote for crypto-friendly presidential candidates. Who knows if the US will become extremely-friendly to crypto (especially Bitcoin) in the future? Just my opinion

[Woodie]

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.

Great news indeed!

But linking bitcoin with fiat, would this be a strong selling point for the USA citizenry to vote for him

By the way, all things considered this is a big gamble , especially that BRICS is equally speaking the same language when it comes to crypto and the alike , and now the USA wants to take this route when Robert F. Kennedy Jr wins...something not adding up, or is it a technological war in the making as they fight for supremacy.

It's big statement even if has said about 1% of backing up with Bitcoin because if US follow up this step it would have huge impact on other countries and prices as well

Big big news, and everything is lining up well in favor of btc as the halving is in the pipeline,  now the Presidential candidate... well good or bad this is huge on the marketing side of cryptocurrencies!

[Vaculin]

This is a good idea to attract the citizens to favor him but I guess this maybe one of those broken promises that are only said during election and when they won eventually, everything is forgotten and just focus on their original plan to fulfill their own personal desires. Also, I don’t think the rest of his members will favor on his personal concept because knowing bitcoin, majority are still hesitant to accept it.

[Abiky]

Great news indeed!

But linking bitcoin with fiat, would this be a strong selling point for the USA citizenry to vote for him

By the way, all things considered this is a big gamble , especially that BRICS is equally speaking the same language when it comes to crypto and the alike , and now the USA wants to take this route when Robert F. Kennedy Jr wins...something not adding up, or is it a technological war in the making as they fight for supremacy.

Of course. It would be like linking the USD with Gold. Only that Bitcoin is better with a finite supply and decentralized design. Mr. Kennedy Jr. now added 14 BTC to his portfolio. This is an indication that the US Presidential candidate is taking the cryptocurrency seriously. We need as much crypto-friendly politicians in the US as possible to help advance "hyperbitcoinization" for good. The more countries join the revolution, the better.

The question is, will Robert F. Kennedy Jr.'s Bitcoin support allow him to gather the necessary votes to win the 2024 race? Only time will tell us if this will happen. Let's all buy and hold Bitcoin before it reaches a new ATH. Just my opinion

[serjent05]

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 really know if that is a good idea but I believe even if he won the presidency, this idea will be rejected and protested by the financial institution.  Even I think that it was really not a good idea considering there are few individuals that have tons of BTC holdings.

For the Bitcoin market, it will be a huge boost and is a very good thing but I believe that FRK Jr. just wanted to get the sentiment of the cryptocurrency community to accumulate more numbers against his opposition.

The question is, will Robert F. Kennedy Jr.'s Bitcoin support allow him to gather the necessary votes to win the 2024 race? Only time will tell us if this will happen.

I believe it is not only the Bitcoin community but all of the cryptocurrency Industry that is he's trying to tap.  Whether the number of the of cryptocurrency community is enough, that is to find out. 

Let's all buy and hold Bitcoin before it reaches a new ATH. Just my opinion

Yeah, the halving is getting near and the bull run is taking its time to get momentum.  The price surge is just around the corner so better accumulate now than do it later.

[Japinat]

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.

Perhaps this politician is only using bitcoin for the sake of his campaign. He knew that bitcoin creates freedom for everyone so he’ll hype it even more so that the citizens will start to side him and forget about other presidential candidates. But even so, even if this candidate will take an edge on the result of the election, I guess siding bitcoin and implement it in the government will not be easy as it is. A lot of politicians are still against on bitcoin so it’s hard for him to realize his promise to the citizens when there are still government pressures that he should face all alone.

[seoincorporation]

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

I feel is too late to back up a currency like the dollar, because to make from that a reality they would have to first pay the Debt they have, and that amount is a joke. We are talking about a $101,515,840,000,000 dollars. And how can you back up a currency with an astronomical debt like that, Is just impossible. And that debt will stay there forever, it will only grow up because the debt is the perfect tool to make from money an infinite element. And the reality is that the world doesn't have the balls to make them pay that debt. So, it's easy for them to increase it each year.

[Franctoshi]

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

It will be interesting to see such a development happen in the United States, however, I more of see this as just a political campaign promise to get the attention of voters basically, Bitcoin enthusiasts in the US to vote for him. With the way Bitcoin is gaining popularity, there may come a time when the united states may be fortunate to have Bitcoin loving president that will institute policies that will favor Bitcoin.

[Bushdark]

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 some of the techniques people are using to get presidential seat as a politicians. We know tgag people changes and I am still thinking why he we say that he want to back the USD on Bitcoin well known that the Crypto market is very volatile and if this happens, the USD is going to crumble and fall flattened.

This is not posible because the USD can not be backed by Bitcoin that is known for huge volatility that can create loses at anytime. Bitcoin is good for investment and to make transactions. If we want to hold Bitcoin, then the motive will be to wait as long as possible for the market to be positive for profits to be made. Bitcoin is not a stable coin like the USDT, BUSD etc that don't have volatility.

[Abiky]

I feel is too late to back up a currency like the dollar, because to make from that a reality they would have to first pay the Debt they have, and that amount is a joke. We are talking about a $101,515,840,000,000 dollars. And how can you back up a currency with an astronomical debt like that, Is just impossible. And that debt will stay there forever, it will only grow up because the debt is the perfect tool to make from money an infinite element. And the reality is that the world doesn't have the balls to make them pay that debt. So, it's easy for them to increase it each year.

The US Dollar is on a slow path of decline. Either the US pays its debt, or goes on default. This last one is not an option, due to the chaos it would create worldwide. The idea of backing the USD with BTC is only a way to gather the support of crypto industry players and individuals alike. It will "stabilize" the USD, but it won't solve the debt problem.

I'm yet to see if Mr. Kennedy Jr. will gather widespread support from US voters on Election Day. Especially when there are other presidential candidates with a stronger agenda and political experience. Unless most people in the US are Bitcoin supporters/users, don't count on Robert F. Kennedy Jr. being elected as President of the United States anytime soon. At least, we're beginning to see pro-crypto candidates in the country and abroad. Who knows if we're closer to "hyperbitcoinization" than we've previously imagined? Just my thoughts

[Gyfts]

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.