Topic: US Presidential candidate announces plan to back the US dollar with Bitcoin - page 3. (Read 587 times)

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.

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.

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.

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.

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.

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!!!

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.

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.

...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.

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

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.

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.

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.

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.

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.

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

--Knight Hider

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.

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.

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

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.

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.