Key Takeaways
- Pro-Bitcoin Presidential candidate RFK Jr. is considering stepping out of the presidential race.
- RFK Jr. was among the few pro-Bitcoin candidates who promised to introduce fundamental policy changes to bring cryptocurrency to the masses.
- In this election, Bitcoin and crypto are among the pivotal topics for U.S. presidential candidates, forcing Trump to turn pro-crypto.
In a sudden about-face, Pro-Bitcoin and independent Presidential candidate Robert Francis Kennedy Jr., the presidential hopeful who had pinned his White House aspirations to the blockchain, appears to be unplugging his campaign.
The pro-Bitcoin candidate, who had sought to disrupt the status quo with his independent bid, is reportedly set to abandon his quest for the Oval Office, with rumors swirling that he’ll instead throw his weight behind a familiar face: former President Donald Trump.
RFK Exit Could Happen This Week
Several media outlets report that the decision is expected to come as early as the end of this week, but they cautioned that nothing has been finalized and that there might be last-minute changes to the plan.
On Tuesday, Aug. 20, Kennedy’s running partner, Nicole Shanahan, announced he was considering pulling out of the race to work with Republican contender Trump.
Speculation went rife after Kennedy’s campaign announced he would talk on Friday about “the present historical moment and his path forward.”
An ABC News reporter revealed that Kennedy neither denied nor confirmed reports about his possible support for the former president.
What Would Kennedy’s Exit From the Presidential Race Mean for Bitcoin?
Kennedy was among the rare presidential candidates who endorsed Bitcoin and became fully involved.
He revealed that a significant portion of his net worth was in Bitcoin and promised, if elected president, to direct the U.S. Treasury to purchase enough Bitcoin to build a reserve comparable to U.S. gold reserves.
A pro-Bitcoin candidate like RFK Jr. helped BTC and crypto gain more mainstream recognition and built the common public’s confidence regarding the nascent technology.
His understanding of the tech behind Bitcoin also helped the masses to understand Bitcoin beyond price cycles and volatility.
With Kennedy’s alleged exit from the race, cryptocurrency and Bitcoin might not be as relevant a topic as they were earlier.
However, with Kennedy’s rumored promise to back Trump, the crypto community will hopefully gain positive ground on the regulatory front if Trump wins the Presidential race.
Bitcoin and Crypto at the Center of U.S. Presidential Elections
Bitcoin and cryptocurrency have become pivotal topics in this Presidential election, with several candidates, including RFK Jr., Vivek Ramaswamy, and even former President Trump, coming out to endorse Bitcoin.
While Ramaswamy and Kennedy have maintained a pro-crypto stance from the start, Trump’s pro-bitcoin stance, including promises to fire the current Securities and Exchange Commission chief Gary Gensler and end “Operation Chokepoint 2.0,” took many by surprise.
This was because Trump has infamously called Bitcoin a scam against the U.S. dollar.
Bitcoin and crypto’s mainstream recognition has made them one of the key talking points for various candidates in different elections in the United States, whether Presidential or municipal.
However, it is essential to note that most politicians often use cryptocurrency as bait to lure young and tech enthusiasts generations to their fold.
For example, New York Mayor Eric Adams projected himself as an enormous crypto enthusiast who promised to bring fundamental policy changes to help crypto businesses. However, once elected, Adams’s pro-crypto reputation took a hit.
Similarly, Trump, who has a history of taking an anti-crypto stance during his Presidential tenure, has turned pro-crypto in his current Presidential race, promising significant policy changes to ensure America leads the world in the Bitcoin race if elected again.
This shift in stance raises concerns about politicians’ sincerity in their support for cryptocurrency. Ethereum co-founder Vitalik Buterin has raised concerns against the growing tendency to back candidates who adopted lenient views on crypto in the past. He warned that such actions could betray the core principles that originally drew people to cryptocurrency.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
