Another One Bites The Bitcoin Dust: RFK Jr.’s Folly

Ladies and gentlemen, brace yourselves for the most absurd comedy act of 2024. Robert F. Kennedy Jr., in an act of uncharacteristic bravery or profound naivety, promised to back the U.S. dollar with Bitcoin if he was elected president. Now, doesn’t that sound like a plan full of sunshine, rainbows, and unattainable utopian dreams?

Haven’t We Learned Anything From The Terra-Luna Collapse?

Remember the great Terra-Luna debacle? That so-called ‘stablecoin’ that fell faster than Icarus when he flew too close to the sun? 

Yes, the same Terra-Luna that left thousands of investors broke, cursing their folly for believing in a system so inherently unstable and unpredictable. It seems our dear RFK Jr. was asleep when that lesson was being taught. So, he wants to back the U.S. dollar, the almighty greenback, with a volatile digital asset that has a notorious reputation for roller coaster-like fluctuations? Of course not! That wouldn’t be too logical, right?

The “Hard Currency” Delusion

Oh, but wait! RFK Jr. calls Bitcoin a “hard currency” — a term traditionally reserved for precious metals like gold, silver, and platinum. How quaint! Pardon me, but when did we start equating virtual, intangible bytes with real, tangible assets that have centuries, if not millennia, of proven value and stability?

Backing the dollar with precious metals or Bitcoin to re-stabilize the American economy, he claims. But wasn’t the whole point of cryptocurrencies to undermine traditional financial systems and offer a decentralized alternative? It’s like trying to fix a flat tire with a hole in it. Why? Because the very essence of Bitcoin — volatility, lack of regulation, and speculation — is what makes it unfit as a backing for a stable currency.

RFK Jr., how about fixing the economic issues rather than injecting more uncertainty into the system? Or is that too mainstream for your liking? Do we really need to put the American economy on a crypto roller coaster?

Capital Gains Exemptions: A Carrot Dangling on a Very Thin String

RFK Jr. has also promised Bitcoin to U.S. dollar conversions would be exempt from capital gains taxes. Because why not? Let’s spur more speculative investing in an already unstable market. Let’s draw businesses to our shores with the promise of tax breaks on speculative gains. Are we just giving up on the idea of a stable and predictable economy? Or are we just completely forgetting about the Terra-Luna fiasco?

This proposed tax exemption sounds like an alluring carrot dangled in front of the business sector, but remember, carrots only work until the rabbit realizes it’s running on a wheel to nowhere.

This isn’t just another episode of a presidential hopeful promising the moon. This is a profound misunderstanding of what cryptocurrencies are and what they represent. It’s the result of an age where sensationalism trumps logic. And if we haven’t learned from our past mistakes, like the Terra-Luna collapse, we’re doomed to repeat them. Bitcoin-backed U.S. dollar, anyone? Of course not!

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Mario Estrella

Mario Estrella

Mario Estrella is a seasoned journalist and digital marketing professional at exxeo.report, specializing in technology-related news. With over two decades of experience in the field, he brings a rich history of working in diverse media outlets and advertising agencies. Notably, he has been instrumental in driving significant growth in online presence and readership in his past roles​. At exxeo.report, Mario leverages his extensive experience and deep understanding of the digital landscape to deliver engaging and insightful technology news to the audience.
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