If there was a ever a radical idea, it would be to back the US Dollar by Bitcoin. But is that even practical? Is it even plausible?

It's certainly an interesting subject to ponder. In 1971, US President Richard Nixon ended the gold standard. The US Dollar could no longer be freely exchanged for gold. After all, paper money has long ruled anyway. Cash is king, right? Well, today the dollar is backed by the full faith and credit of the United States government. In other words, the government's ability to collect debts and taxes.

The problem is that the United States has a serious spending problem. How much is "the full faith and credit" really worth anymore? With the exception of four years, 1998-2001, the country has been running on a deficit. And it's only getting worse.

The US is not anywhere near solving the spending problem either. Looking ahead into FY2025, the overspend trend is continuing. 

So, would it even be possible for Bitcoin to help solve the problem? Perhaps not at this point. With the price of Bitcoin still hovering near 100k, it's just not valuable enough at this point -- certainly not enough to be practical. If the price continues to surge, and we're talking about $1 million Bitcoins, then perhaps then it would make more sense.

I'm not even really sure if this whole idea makes sense: backing the legacy fiat system by the new electronic system that was created as an alternative to the legacy system? It sure sounds crazy to me when I spell it out. As a thought experiment, let's continue.

If the US Dollar were to be backed by Bitcoin, it would naturally increase the value of the USD -- assuming a bull market strong Bitcoin. With the US Dollar being made strong by Bitcoin, would that then lead to a weaker Bitcoin? Would we be stuck in an endless cycle where one gets stronger and one gets weaker? A sort of inverse relationship, like stocks and bonds? Can the two even exist side-by-side in such a scenario?

I'm not naïve enough to think that the United States government would ever actually back their fake currency by software created by an anonymous programmer. But let's just remember that, legally, the US Commodity Futures Trading Commission defined Bitcoin as a commodity. You know what else is a commodity? Gold.

So while you may be blinded by the light shining off of my tin foil hat, just remember that all ideas seem pretty crazy at first. Bitcoin itself has no value, other than that what we have assigned to it over the past 14 years. Bitcoin is backed by the full faith of its users in the decentralized peer-to-peer electronic money system.

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