General Discussion

LudwigPastorius

(10,213 posts) Sat Jul 27, 2024, 01:08 AM Jul 27

RFK Jr. proposes that the U.S. government buy $615 billion worth of bitcoin

https://finance.yahoo.com/news/robert-f-kennedy-jr-proposes-080410799.html

In a recent interview, Presidential candidate Robert F. Kennedy Jr. suggested that the federal government should acquire enough Bitcoin to match the value of the nation’s gold reserves.

-snip-

The U.S. government currently holds 8,134 tons of gold, valued at approximately $615 billion. To match this value in Bitcoin, the government would need to procure around 9.4 million BTC at current prices, which represents nearly 45% of the total Bitcoin supply.

Kennedy’s plan aligns with his broader strategy to back both government currency and debt with a mix of hard assets, including gold, silver, platinum, and Bitcoin. He elaborated on this idea, proposing a new class of U.S. Treasury bills anchored to this basket of assets. The anchoring would start at 1% in the first year, increase to 2% in the second year, and ultimately reach 100% over time.

The ambitious Bitcoin acquisition would be carried out during Kennedy’s first four years in office. "I would like to have the federal government begin to buy Bitcoin and over my term in office, ultimately have an equivalent amount of Bitcoin that we have gold," he said.

Backing the dollar with "hard assets" like bitcoin? Worm-for-brains doesn't know his head from his ass.

13 replies

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Highlight:

RFK Jr. proposes that the U.S. government buy $615 billion worth of bitcoin (Original Post) LudwigPastorius Jul 27 OP

"...and some of my new NFTs!!!" ret5hd Jul 27 #1

What a dangerous twit Old Crank Jul 27 #2

Yeah, nothing says "this is a stable currency" by exchanging it for over half a trillion dollars worth of ponzi tokens. LudwigPastorius Jul 27 #4

The worm must have stayed for dinner! Mopar151 Jul 27 #3

The worms are still in residence. What happens when bitcoin crashes, or someone makes off with the wallets. brush Jul 27 #5

Bullshit idea! Bitcoin has no substance. keithbvadu2 Jul 27 #6

Trying to snag those bitcoin deregulation advocates who helped travelingthrulife Jul 27 #9

I feel sorry for RFK Jr. His brain will never fully recover. Fla Dem Jul 27 #7

The brain worm keithbvadu2 Jul 27 #11

And I suggest that we do nothing of the kind. MineralMan Jul 27 #8

NEXT: RFK Jr. asks Congress to spend $1 trillion on bitcoin mining dalton99a Jul 27 #10

The big money return in crypto is::: keithbvadu2 Jul 27 #12

We could generate 5 gigajules of carbon-free energy Bucky Jul 27 #13

ret5hd

(21,062 posts)

1. "...and some of my new NFTs!!!"

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 01:11 AM

Jul 27

Old Crank

(4,253 posts)

2. What a dangerous twit

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 01:14 AM

Jul 27

To go along with his ravism, antivax nonsense and antisemitism.

LudwigPastorius

(10,213 posts)

4. Yeah, nothing says "this is a stable currency" by exchanging it for over half a trillion dollars worth of ponzi tokens.

Reply to Old Crank (Reply #2)

Sat Jul 27, 2024, 01:19 AM

Jul 27

Last edited Sat Jul 27, 2024, 03:40 AM - Edit history (1)

Mopar151

(10,130 posts)

3. The worm must have stayed for dinner!

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 01:18 AM

Jul 27

Boy, howdy, does somebody need an education on how "funny money" works? Or a tour of the Mint, where we already make "the good stuff"?

brush

(56,175 posts)

5. The worms are still in residence. What happens when bitcoin crashes, or someone makes off with the wallets.

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 01:20 AM

Jul 27

keithbvadu2

(38,923 posts)

6. Bullshit idea! Bitcoin has no substance.

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 01:21 AM

Jul 27

He must be getting some really good donations from the managers of BC trading companies.

travelingthrulife

(247 posts)

9. Trying to snag those bitcoin deregulation advocates who helped

Reply to keithbvadu2 (Reply #6)

Sat Jul 27, 2024, 10:08 AM

Jul 27

push Biden out. Wonder if Harris has some bitcoin fraud prosecutions behind her to help people understand.

Fla Dem

(25,072 posts)

7. I feel sorry for RFK Jr. His brain will never fully recover.

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 10:03 AM

Jul 27

keithbvadu2

(38,923 posts)

11. The brain worm

Reply to Fla Dem (Reply #7)

Sat Jul 27, 2024, 12:19 PM

Jul 27

MineralMan

(146,924 posts)

8. And I suggest that we do nothing of the kind.

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 10:05 AM

Jul 27

dalton99a

(83,126 posts)

10. NEXT: RFK Jr. asks Congress to spend $1 trillion on bitcoin mining

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 10:08 AM

Jul 27

keithbvadu2

(38,923 posts)

12. The big money return in crypto is:::

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 12:22 PM

Jul 27

The big money return in crypto is:::
1. Starting it, hyping it, selling it, and getting out, leaving the
suckers holding the bag.
2. Handling/storing it for others.
...a. Not your own money/crypto. Someone else's money/crypto.
...b. Lots of fraud/money manipulation/theft/lack of regulation.
3. Backed by trust/faith/great promises/optimism... but no
real assets.
4. It can literally disappear and good luck with lawsuits.
------------------
A few have profited by 'investing' but not the majority.

Bucky

(55,334 posts)

13. We could generate 5 gigajules of carbon-free energy

Reply to LudwigPastorius (Original post)

Sat Jul 27, 2024, 12:30 PM

Jul 27

Just by attaching a dynamo to Bobby Kennedy's grave and harvest free electricity every time Bob Jr. speaks and his father flips over in his grave.

Imagine the consequences of the federal budget being used to speculate in the market, especially in a non-production sector of the market like cyber currencies. When that bubble pops, you'd immediately quadruple the annual deficit.

What a worm-ridden ignoramus. No wonder he's letting Trump play him for a patsy. Jeeze...

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