Last updated:
April 22, 2024 15:40 EDT
| 2 min read
Presidential contender Robert F. Kennedy Jr. is dedicated to revolutionizing the US budget system through the adoption of blockchain technology. He articulated his vision during a campaign event in Michigan on April 21, outlining how this transition would empower Americans to access “every budget item anytime they desire, 24 hours a day.”
Throughout his campaign, Robert F. Kennedy Jr. stressed the significance of granting citizens unrestricted entry to government budgets. He pledged to enhance transparency and answerability through blockchain technology, marking a departure from conventional budgetary methods. The objective is to enable taxpayers to monitor the allocation of every penny of their taxes.
Robert F. Kennedy Jr. Backs Blockchain’s Decentralization & Transparency
NEW: 🇺🇸 RFK Jr. announces “I’m going to place the entire US budget on blockchain”
“Every American can scrutinize every budget item in the complete budget, whenever they choose, round the clock.”
“We will have 300 million pairs of eyes on our budget!” pic.twitter.com/TBpkcXt5i1
— Radar🚨 (@RadarHits) April 22, 2024
“We will have 300 million pairs of eyes on our budget, and if someone is spending $16,000 on a toilet seat, everyone will be aware of it,” he remarked.
Blockchain is well-suited for government budgets due to its transparency and immutability. It furnishes a secure and unalterable transaction history, preventing financial misconduct and enabling the public to validate the government’s utilization of funds, thereby ensuring answerability.
Enhanced answerability fosters integrity in public governance and diminishes corruption. The International Monetary Fund (IMF) estimates that 2.5% of the global Gross Domestic Product (GDP), amounting to \(1.4 to \)2.6 trillion, is lost to corruption.
Kennedy’s proposal has triggered online discussions among US residents and cryptocurrency investors.
As anticipated, many within the cryptocurrency community have lauded the concept as groundbreaking and a secure method to combat corruption.
THIS ALONE is a reason I will vote for RFKjr.
It will break my heart if Tulsi is chosen as VP with Trump, but putting the entire US budget on blockchain would be transformative.
I don’t believe in silver bullets, but this is a close as one gets to one.
Ok… I am all in… https://t.co/Te7pEUXuxL
— Alan Myron : E Pluribus Unum 🌺 (@AlanMyron) April 22, 2024
However, some critics have voiced concerns, suggesting that Kennedy’s blockchain strategy implies backing for a central bank digital currency (CBDC), which contradicts his prior stance to impede US endeavors to introduce a CBDC if elected, citing privacy infringements.
In January 2024, Kennedy contended that a CBDC would enable the government to monitor every individual’s transactions, potentially leading to coercion, which he deemed a “catastrophe for human rights and civil liberties.”
Dr. Joseph @Mercola and I discuss financial freedom in the 21st century. As president, I will end the efforts to move toward a CBDC. #Kennedy24 pic.twitter.com/gao3D1HAeM
— Robert F. Kennedy Jr (@RobertKennedyJr) January 24, 2024
Cardano’s Founder Endorses Robert F. Kennedy Jr.
Robert F. Kennedy Jr. is running as an Independent candidate in the upcoming US presidential election slated for November 2024.
He is renowned for his staunch advocacy of Bitcoin and blockchain technology, positioning him as one of the few presidential candidates to endorse decentralized technology and the first to accept Bitcoin for campaign contributions. If elected, he has also put forth a proposal to support the US dollar with Bitcoin while lauding cryptocurrency as the premier hedge against inflation.
Notably, Charles Hoskinson, the founder of Cardano, endorsed Kennedy Jr.’s crypto-friendly position on April 4.
Crypto guru and Cardano co-founder Charles Hoskinson (@IOHK_Charles) endorses RFK Jr., stating he is the best candidate to support this November.
#KennedyShanahan24 pic.twitter.com/a0taHwr0cD
— Robert F. Kennedy Jr (@RobertKennedyJr) April 17, 2024
Hoskinson believes Kennedy is the optimal choice for voters, portraying him as an individual “who could effect change irrespective of winning.”
Following the recent declaration of Kennedy’s family to endorse incumbent President Joe Biden in the election, Cardano’s founder reiterated his support.
Power is the sole currency in Washington. Kennedy is seen as a dark horse but a possible disruptor. Hence, the establishment thrusts the Kennedy family into the limelight to endorse Biden.
I collaborate with my father and brother. If they pursued political office, regardless of their ideologies, I would… https://t.co/pb39P8BUtM
— Charles Hoskinson (@IOHK_Charles) April 19, 2024
While expressing discontent with the announcement, Hoskinson characterized Kennedy as an underdog with the capacity to shake up the forthcoming presidential race.