coinedition.com
In a recent interview with Todd Horwitz, Chief Market Strategist at BubbaTrading.com, the discussion shifted to the potential role of Bitcoin (BTC) as both a currency and commodity for backing the US dollar as political candidates advocate for a return to hard asset-backed currency.
The interviewer Highlighted a fascinating trend among US 2024 presidential candidates, with Democratic candidate Robert Kennedy Jr. advocating backing the US dollar with hard assets like gold, silver, platinum, and even Bitcoin. Kennedy believed this move could stabilize the economy, curb inflation, and usher in a new American financial stability and prosperity era.
When asked about his thoughts on this trend, Todd Horwitz criticized the current fiat currency system, calling it fraudulent. He emphasized the need for currency to have some backing to prevent governments and central banks from reducing its value at will.
Horwitz acknowledged the potential benefits of backing the dollar with hard assets and called for a benchmark to determine the currency’s value relative to the basket of commodities.
Regarding the feasibility of backing the US dollar with gold, silver, or other commodities, Horwitz noted the original gold backing. Yet he acknowledged the difficulty in determining the ideal ratio for backing and whether partial percentages of treasuries or other policies could be used.
The interviewer brought up the inclusion of Bitcoin in the basket of hard assets proposed by Robert Kennedy. Horwitz expressed his support for Bitcoin, considering it a currency of the libertarian movement. He praised BTC’s growing recognition by regulatory bodies such as the CFTC. Horwitz considered Bitcoin as a potential candidate for inclusion in a basket of assets to back the US dollar.
When discussing Bitcoin’s price outlook, Horwitz expressed optimism. He predicted a continued upward trajectory, with the next benchmark price likely to reach $35,000 and then $40,000 over the next six months.