Not only does this refined gentleman's attire violate his dignity, but it also violates the U.S. Flag Code.
In 1942, Congress issued the code with the goal of protecting and respecting the flag. Sections 8d and 8i of the code state that the flag should not be used "as wearing apparel, bedding or drapery." Nor should it "be printed or otherwise impressed on paper napkins or boxes."
Good news, though: Don't worry that your flag bikini might end up getting you arrested. The code is a guide, not a law.