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Bitcoin News Politics

US Presidential Candidate RFK Jr. Announces Plan to Back Dollar With Bitcoin, End Bitcoin Taxes 265

United States presidential candidate Robert F. Kennedy Jr. has announced a plan to back the dollar with Bitcoin, and end taxes on Bitcoin.

From a report: Speaking at a Heal-the-Divide PAC event, Democratic Presidential Candidate Robert F. Kennedy Jr. outlined specific Bitcoin-focused policies that he would enact as president, including gradually backing the U.S. dollar with bitcoin and making bitcoin profits exempt from capital gains taxes.

"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," Kennedy said, describing his vision for returning to a hard currency standard in the U.S.

He added that, depending on the outcome of that initial step, he would increase that allocation annually. This potential policy reimagines the financial system, pointing to a future where bitcoin's absolute scarcity and sound monetary principles reinforce the U.S. dollar's eroding position as the world reserve currency. Kennedy Jr. added: "Backing dollars and U.S. debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity."

In addition, Kennedy announced his administration "will exempt the conversion of bitcoin to the U.S. dollar from capital gains taxes"
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US Presidential Candidate RFK Jr. Announces Plan to Back Dollar With Bitcoin, End Bitcoin Taxes

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  • LOL (Score:5, Funny)

    by Anonymous Coward on Tuesday July 18, 2023 @11:40PM (#63698080)
    That is all.
    • Re: LOL (Score:5, Insightful)

      by kopecn ( 1962014 ) on Wednesday July 19, 2023 @12:55AM (#63698194)
      Well, I would like to add a rotfl, if you may.
    • He had me at "very, very small, perhaps 1% of issued T-bills"

    • RF KKK Jr.
    • by Rob Y. ( 110975 )

      R.F.K.Jr. is hoping to lure the moron vote from Trump. It's beyond embarrassing - unless it's a brilliant ploy... Nope, just embarrassing.

      • R.F.K.Jr. is hoping to lure the moron vote from Trump. It's beyond embarrassing - unless it's a brilliant ploy... Nope, just embarrassing.

        He also pulls the moron vote from the Democrats. The hippie moms, the No Nukers, the Joe Mercola funny food fans, the people who see chemtrails on every cold winter day, the people who were anti vax before anti vax was cool. Now they're in the RFK thought bubble with their fellows of the right. Basically, it's the We Might As Well Just Surrender To China Now party.

  • by Martin Blank ( 154261 ) on Tuesday July 18, 2023 @11:48PM (#63698086) Homepage Journal

    Vaccine denialism, antisemitism (saying that COVID doesn't affect Jews), and now a cryptocurrency platform that would obliterate the dollar by allowing it to fluctuate by multiple percent per day.

    The only reason anyone pays attention to him is because he's a Kennedy.

    • Vaccine denialism, antisemitism (saying that COVID doesn't affect Jews), and now a cryptocurrency platform that would obliterate the dollar by allowing it to fluctuate by multiple percent per day.

      The only reason anyone pays attention to him is because he's a Kennedy.

      I know, right? I mean Mind Blown -- oh, wait...

      [ Too soon? :-) ]

    • Presidential candidate have to present some freaky position to stick out from the crowd. If you just have normal, sane positions, you're not motivating people to flock to the ballots because you don't bypass their temporal lobe and reach their amygdala directly to exploit the main motivators of the voter: Fear, hate and fear.

      Otherwise, you'd actually have to promise them some sort of improvement. And, worse, they'd even think you plan to keep it.

    • Don't forget racism! (Score:5, Informative)

      by denzacar ( 181829 ) on Wednesday July 19, 2023 @03:15AM (#63698320) Journal

      He claims COVID-19 is ethnically targeted to attack Caucasians and Black people while sparing Ashkenazi Jewish people and Chinese people.
      https://www.usatoday.com/story... [usatoday.com]

      I.e. He claims that COVID is a Jewish-Chinese conspiracy against America.
      That it is an external, racially-based, Jewish-run, stab in the back. [wikipedia.org]
      He isn't just an antisemitic cunt - he's a full blown racist, fascist, cunt.

    • by bradley13 ( 1118935 ) on Wednesday July 19, 2023 @04:38AM (#63698412) Homepage

      He cannot ruin his father's name.

      Unless you live in Massachusetts (where the Kennedys are practically royalty), you can surely see them for what they are: a bunch of corrupt wannabe politicians, living off the fame of their predecessors. The assassination of JFK was the best thing that could have happened to them, because for decades you could not criticize them, despite numerous scandals and open corruption.

      The RFK plan to back the dollar with Bitcoin? It just shows another aspect of many of the Kennedys: dumb as a bag of bricks.

      • As a former bay-stater, I gotta say - there is a lot of truth in what you say

        The Kennedys made their money bootlegging. You know, the old-fashioned version of gangs/cartels/MS-13. They then used that money, and an address in an upper-crust part of the state, to buy their way into politics. Joe Kennedy was a bastard of the first order, and his boys were all fuck-ups.
        - The son he wanted to go into politics instead went into the military and got himself killed
        - The Backup became president, but was so focuse
        • by hdyoung ( 5182939 ) on Wednesday July 19, 2023 @07:42AM (#63698652)
          Hmmmm. Link to the cuban missile crisis claim please. The US certainly compromised, it’s true. Russia turned around and didnt install nukes in cuba, and a few weeks later we pulled our intermediate-range nukes out of Turkey. That;s not a loss - that’s called a deal where both sides stepped just a tad back from the edge of destroying human civilization. It was a win-win for everyone.
          • by crmarvin42 ( 652893 ) on Wednesday July 19, 2023 @10:30AM (#63699054)
            My understanding of events is as follows:

            0. US puts missiles close to USSR
            1. USSR negotiates with Cuba to put missiles next to the US
            2. US attempts to blockade Cuba to prevent those missiles from reaching their launch sites
            3. US secretly concedes to USSR demands to remove our missiles in exchange for allowing our blockade to appear to work
            4. US Government pretends Kennedy stared down the soviets, when in-fact he gave them everything they asked for, so long as they didn't tell anyone about it.

            The Kennedy administration created the situation by putting missile silo's so close to the USSR, without anticipating that the USSR would try to mirror that action in Cuba. They then put on a big show about the blockade and staring down the Soviets until they blinked. But at the end of the day the US blinked. We gave up installations we'd already built in order to go back to a status quo we'd disrupted. The only reason it was not viewed as an embarrassment at the time was because the Kennedy Administration essentially LIED to the US Citizens about what had happened, and how it had been resolved. And the only reason that worked, was because the SOVIETS were willing to let us believe they'd blinked first.

            If you start a fight, and the only way to end the fight is to give your opponent an apology for starting the fight in the first place, I don't see how you can then go on to say that you won the fight. Particularly after it is discovered that you begged them not to let anyone know you'd apologies and admitted fault in the first place.

            Kennedy was a hack at everything except manipulating the (admittedly more-than-willing) media. If Kennedy had looked more like Nixon and less like a golden adonis, we might have learned the truth about the exchange much sooner. If his wife and kids had not been the picture of the American Ideal, his reputation might fit more with the caliber of his actions, instead of breathy comparisons to fictional Camelot. And if he'd survived his presidency, we would likely have seen his star fall as his opponents worked to unearth and focus attention on his failings (both professional and personal) instead of enshrining him as a martyr to the cause of Democracy. JFK is the epitome of failing up.
        • by edwdig ( 47888 )

          What confuses me is that political pundits see this latest Kennedy as a threat to Biden. He's Trump in a blue jersey. An egotistical, conspiratorial, legacy who's never built anything for himself beyond a cult of personality. Sure, Democrats go in for that stuff too, but none of the things he's about matter to any democrats I know, and fit far better with Trumps base than any other group.

          No one thinks he's a threat to Biden. He's just the only person of any significance that's dumb enough to try to run against a sitting president, and the pundits need something to talk about. Talking about Biden coasting to the nomination doesn't get clicks.

        • As a former bay-stater, I gotta say - there is a lot of truth in what you say ....Joe Kennedy was a bastard of the first order, and his boys were all fuck-ups.....

          Joe Kennedy ruined his own political carreer as U.S. ambassador to the UK in the late 1930s. He had open sympathies towards Hitler and thought Germany would defeat the UK and win WW2. The Brits got fed up with him and told Roosevelt he wasn't welcome in their country. He also had Rosemary Kennedy because she was slightly below-average in school and wasn't up to the standards of the Kennedy family. Pathetic...

    • by stooo ( 2202012 )

      This guy is a total russian shill....

    • by Nugoo ( 1794744 )

      The only reason anyone pays attention to him is because he's a Kennedy.

      Well... that and the right-wing media machine trying desperately to convince people he's a legitimate candidate.

  • by rsilvergun ( 571051 ) on Tuesday July 18, 2023 @11:51PM (#63698094)
    It's that he's an anti vaxxer that required proof of vaccination at one of his parties.

    He's being propped up by Republican voters to give the illusion trust Joe Biden has a challenger. I don't think they knew how crazy and stupid he was when they bankrolled him...
    • He's not an anti vaxxer. His support is coming from across the board, including his fundraising. Are you even a United States citizen?
    • RF KKK jr also recently claimed that Covid 19 was engineered and engineered to not harm Jews.
  • The Bitcoin platform? So much for credibility. What a short candidacy that was! And the end of the Kennedy legacy. Democrats Rejoice as another Biden challenger bites the dust!

    • Democrats Rejoice as another Biden challenger bites the dust!

      Not sure about that. I think the Democrats would prefer a never ending stream of unhinged republicans fighting with Trump. There's no better advertisement for the democrats than how republican politicians are acting.

  • I, Evil Holographic Abraham Lincold, the UFO Supremacy candidate for President of the Sol System, propose to replace all "human beings" with popcorn.
    I expect my candidacy, and proposal, to be taken as seriously as RFK's great vision. He would make as great a president as any other human being, as you will all soon be replaced with popcorn.
  • by TheNameOfNick ( 7286618 ) on Wednesday July 19, 2023 @12:14AM (#63698130)

    How does an idiot like that not filter out at the local government level? Oh right, Kennedy. Daddy's money and fame.

    • Re: (Score:3, Insightful)

      by Anonymous Coward

      How does an idiot like that not filter out at the local government level? Oh right, Kennedy. Daddy's money and fame.

      Now you understand how we got nobility in Europe and how we got stuck with it.

  • by Anonymouse Cowtard ( 6211666 ) on Wednesday July 19, 2023 @12:27AM (#63698156) Homepage
    Imagine being a Kennedy / Mind filled with such serenity / Devoid of any amenity / Yet held in such great levity
    • by cstacy ( 534252 )

      Imagine being a Kennedy / Mind filled with such serenity / Devoid of any amenity / Yet held in such great levity

      Thanks for the witty brevity!

  • Now the government can concentrate on creating the ultimate illusion of contact with an 'alien' from Alpha Centari or some other far away constellation and then the world can unite and burn all the churches.

  • by spywhere ( 824072 ) on Wednesday July 19, 2023 @12:55AM (#63698196)
    Q.E.D.
  • T-bills would be backed by hard currency, by gold, silver platinum or bitcoin

    Um ...

    • by dfghjk ( 711126 )

      Right, this is propaganda written by someone with experience. Also:

      "...reinforce the U.S. dollar's eroding position as the world reserve currency..."

      We have a good idea where the author of this propaganda lives, and it is not in the US.

    • Yeah, that's funny.

  • He's completely insane. Anyone who votes for him is a moron.
    • by jd ( 1658 )

      Anyone who votes for him is self-evidently an imminent danger to themselves or others.

  • by mendax ( 114116 ) on Wednesday July 19, 2023 @01:57AM (#63698246)

    The British have a slang word that most accurately describes RFK, Jr. He's a "nutter". "Nutcase" and "lunatic" don't properly describe him.

  • Was ahead of his time, apparently.
  • by Applehu Akbar ( 2968043 ) on Wednesday July 19, 2023 @06:56AM (#63698562)

    Still another RFK crazy scheme. I invest in gold myself as an inflation hedge, but using it as the standard for a modern currency makes no sense. The gold standard, which basically means holding the money supply constant, worked in the age that RFK wants to take us back to - no science, no engineering, herbs and tinctures as medicine. In modern economies where science and technology keep making the whole pie, everything that can. be exchanged for money, larger over time. there is no substitute for having a central bank to manage the money supply to match the size of that pie, increasing over time. Even Switzerland does it that way now.

    The cherry on top is that he wants to include Bitcoin as part of the standard. Yes, base our currency on an imaginary commodity which rockets up and down in price daily. So much BTC is held by anonymous ransomware operators that we have no idea how much of it is even in circulation. You can't use that as a standard for anything.

  • by MTEK ( 2826397 ) on Wednesday July 19, 2023 @06:58AM (#63698566)

    Wi-Fi causes cancer and "leaky brain," Kennedy told podcaster Joe Rogan last month. Antidepressants are to blame for school shootings, he mused during an appearance with Twitter CEO Elon Musk. Chemicals in the water supply could turn children transgender, he told right-wing Canadian psychologist and podcaster Jordan Peterson, echoing a false assertion made by serial fabulist Alex Jones. AIDS may not be caused by HIV, he has suggested multiple times.

    https://www.npr.org/2023/07/13/1187272781/rfk-jr-kennedy-conspiracy-theories-social-media-presidential-campaign

  • This guy sounds like a nutter. Getting far too common for presidential candidates.

  • If anybody needed confirmation that the guy is a loony, there it is.
  • Not enough people thought he was batshit insane.

  • So this is a de facto bet against 'real' quantum computing. I get it, it's not here yet and challenges with the SOTA are great. However, we could find a new thing to use a qbits tomorrow and blow this all out of the water, so you don't know. The crypto part of cryptocurrency could be completely useless in the not-so-distant future, and then what? Second, there's a lot of lost BTC laying around out there. Some of it may already belong to north korea or whatever sitting in the bottom of a filling cabinet som
  • RFK Jr is backed by Big Foot, the aliens from Area 51, Slenderman, and the Lizard People. The Loch Ness Monster is still deciding but leaning toward Bernie Sanders.

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