Robert F. Kennedy Jr. exits 2024 U.S. presidential race

Robert F. Kennedy Jr. has officially pulled out of the 2024 U.S. presidential race. His decision to withdraw, filed with the Arizona Secretary of State, brings an end to his campaign, which had gained attention for its unconventional stances, including regarding cryptocurrency.

One of Kennedy’s boldest ideas was putting the entire U.S. federal budget on the blockchain. He wanted every American to be able to see where their tax dollars were going, 24/7, with the hope that this would curb corruption and government waste.

Kennedy also accepted Bitcoin donations for his campaign and revealed that he personally invested in the cryptocurrency. According to him, he has bought 21 Bitcoin, including three for each of his kids.

He was against the idea of a Central Bank Digital Currency (CBDC), which he argued would threaten financial privacy. 

In his view, a government-controlled digital currency was a step too far, centralizing power in a way that clashed with the decentralized nature of cryptocurrencies like Bitcoin.

Kennedy also had strong views about how Bitcoin should be treated under U.S. law. He believed it should be treated as a currency, not a capital asset, meaning people could use it for transactions without worrying about capital gains taxes. 

Kennedy wanted to make the U.S. a global hub for blockchain technology, promising to end what he saw as the current administration’s unfriendly stance toward crypto. 

He acknowledged the need for regulation to protect consumers from scams and fraudulent schemes. He supported truly decentralized currencies but believed they needed to be regulated in a way that didn’t harm the average user.

Kennedy pointed to real-life incidents, like the Canadian government freezing protesters’ bank accounts and crypto wallets, to argue for the importance of decentralized finance.