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

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

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.

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.

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.

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.

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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.

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.

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
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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.

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

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.


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. 


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.

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

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.

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.
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!

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

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

 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..  
 

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.

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.

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.

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.

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.

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.


I don't think it will.

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 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.

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. 

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.

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