During a recent gathering in Michigan, Robert F. Kennedy Jr., an independent candidate for the presidency, put forth a plan to enhance transparency in government expenditure by recording the entire U.S. budget on a blockchain—a technology typically associated with cryptocurrencies like Bitcoin. This initiative aims to grant all Americans unrestricted access to view every budget item at any given time, ²⁴⁄₇.

Emphasizing the potential for increased accountability and transparency, Kennedy recognized the significant challenge posed by transitioning all government transactions to blockchain technology. He also made a noteworthy mention of the idea of backing the U.S. dollar with Bitcoin, showcasing his support for digital currencies.

Government spending is currently subject to legislative oversight and public scrutiny, with regular audits carried out by entities such as the Government Accountability Office and various inspectors general across federal departments. Senator Kennedy underscored the transparency inherent in such processes, citing past instances where excessive expenditures by the Pentagon, such as on items like toilet seats in the 1980s and 2018, were promptly exposed.

Kennedy’s advocacy for digital currencies extends to accepting Bitcoin for campaign contributions and proposing to back the U.S. dollar with Bitcoin if elected president. Notably, he opposes the notion of a central bank digital currency (CBDC), aligning himself with former President Trump and other Republicans cautious about CBDC adoption, which would require explicit congressional approval.

In a political landscape dominated by the rivalry between President Biden and former President Trump, Kennedy distinguishes himself as a pro-cryptocurrency candidate. His stance has garnered recognition from Stand With Crypto, an advocacy group comprising grassroots supporters and the cryptocurrency exchange Coinbase, which rates him as “strongly supportive” of the industry, contrasting with Trump’s “supportive” stance and Biden’s perceived opposition.

While Kennedy’s proposal to leverage blockchain technology for citizen engagement and oversight has been met with enthusiasm by many as a crucial stride towards genuine transparency, it has also sparked skepticism among critics. Some question the feasibility of implementing blockchain on a large scale, citing challenges in handling complex real-world data accurately. Suggestions have been made to expand the concept to include real-time voting via blockchain to further empower public participation and oversight.