Bitcoin

Kamala Harris

President Donald Trump

Donald Trump

At the Bitcoin Conference 2024 yesterday, Independent presidential candidate Robert F. Kennedy Jr unveiled an ambitious plan to integrate Bitcoin (BTC) into the U.S. economy. However, this plan has been criticized by Peter Schiff, an economist and well-known critic of Bitcoin.
If elected President, Kennedy pledged to sign multiple executive orders on his first day in office, aiming to transform the nation’s approach to cryptocurrency.&nbsp;
He also <a href="https://www.cryptotimes.io/2024/07/27/rfk-jr-promises-strategic-economic-plan-for-bitcoin-if-elected/" rel="noopener noreferrer nofollow">outlined</a> his plans for the Treasury to purchase 550 BTC daily until the U.S. accumulates a reserve of 4 million BTC.&nbsp;
However, Peter Schiff slammed Kennedy’s vision as a mere ‘vote-buying’ tactic. He accused Kennedy of pandering to BTC enthusiasts by promising to use taxpayer funds to purchase Bitcoin and eliminate income taxes on BTC gains.&nbsp;
He labeled the proposal as strategically flawed, asserting, “There’s nothing strategic about Bitcoin. No nation should own any as a reserve asset.”
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 There's nothing strategic about <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>. No nation should own any as a reserve asset. <a href="https://twitter.com/hashtag/Kennedy?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Kennedy</a> is trying to buy donations and votes from the Bitcoin Community. In payment he promised to use taxpayer money to buy their Bitcoin, then to eliminated all income taxes on their gains.— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1816959218601128383?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 26, 2024</a>
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Schiff’s critique goes beyond the immediate policy implications, arguing that Bitcoin does not offer the same benefits as a return to the gold standard, which he supports. He suggests that Kennedy’s promises are more about garnering votes than implementing effective policy, implying that even if Kennedy were to win, the plan might never be executed.
According to Polymarket, Kennedy’s chances of winning the presidency remain slim, with only a 1% chance of victory, while former President Donald Trump and Kamala Harris hold significantly higher odds at 59% and 40%, respectively.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfwgW2QzyFyQZInDeLhJUJ53HOE8CJu9VnyanE1kPCDfOD0Yo1X773tJznciaMV_lRPio9Nc3Gkq7HyI304fCwYevJBvsAQPX3BExGmxde_DDC5kNpTmwS7vQ2RxqWqvdu_35WnXdr03R6_C2trofcHmURT?key=CLemjAeziRX5C5diF8SZTQ" alt="">
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 Presidential Election Winner 2024 Odds – Source: <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1722082562455" target="_blank" rel="noopener noreferrer nofollow">Polymarket</a>
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The crypto community remains divided, as figures like Michael Saylor of MicroStrategy echo Kennedy’s vision of a U.S. BTC reserve.&nbsp;
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 "I will sign another executive order directing the US Treasury to purchase 550 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> daily until the US has built a reserve of at least 4 million Bitcoins." – <a href="https://twitter.com/RobertKennedyJr?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@RobertKennedyJr</a><a href="https://t.co/VZCKtSlNB7" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/VZCKtSlNB7</a>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1816985211189567848?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 26, 2024</a>
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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/07/27/tyler-winklevoss-urges-u-s-govt-to-name-next-sec-chair-before-election/" rel="noopener noreferrer nofollow">Tyler Winklevoss Urges U.S. Govt to Name Next SEC Chair Before Election</a>
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Peter Schiff Slams RFK Jr.’s Bitcoin Reserve Plan as ‘Vote-Buying’ Tactic

The Crypto Times

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