Robert F. Kennedy Jr Wants to Move US Budget Management to the Blockchain

Presidential candidate Robert F. Kennedy Jr. is committed to transforming the US budget system by adopting blockchain technology. He revealed his plans during a campaign rally in Michigan on April 21, where he explained that the shift would enable Americans to access “every budget item anytime they want, 24 hours a day.”

During his campaign, Robert F. Kennedy Jr. emphasized the importance of providing citizens unlimited access to government budgets. He vowed to increase transparency and accountability through blockchain technology, which represents a departure from traditional budgetary practices. The goal is to allow taxpayers to track where and how every cent of their taxes are spent.

Robert F. Kennedy Jr. Supports Blockchain’s Decentralization & Transparency

“We’re gonna have 300 million eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody’s gonna know it,” he said.

Blockchain is suitable for government budgets due to its transparency and immutability. It provides a secure and tamper-proof transaction record, averting financial misappropriation and allowing the public to verify government use of funds and ensure accountability.

Increased accountability promotes integrity in public governance and reduces corruption. According to the International Monetary Fund (IMF), 2.5% of the world’s Gross Domestic Product (GDP), estimated to be $1.4 to $2.6 trillion, is lost through corruption.

This proposed move by Kennedy has sparked online debates among US residents and crypto investors.

As is expected, many in the crypto community have praised the idea as innovative and a secure means to combat corruption.

Some critics have raised concerns, however, suggesting that Kennedy’s blockchain plan implies support for a central bank digital currency (CBDC), which contradicts his previous decision to jeopardize US efforts to introduce a CBDC if elected, as he claimed its infringement on privacy.

In January 2024, Kennedy argued that a CBDC would allow the government to monitor every citizen’s transaction, potentially leading to blackmail, which he deemed a “calamity for human rights and civil rights.”

Cardano’s Founder Endorses Robert F. Kennedy Jr.

Robert F. Kennedy Jr. is running as an Independent candidate in the forthcoming US presidential election scheduled for November 2024.

He is renowned for his strong advocacy of Bitcoin and blockchain technology, making him one of the few presidential candidates to endorse decentralized technology and the first to accept Bitcoin for campaign donations. If elected, he has also proposed a plan to back the US dollar with Bitcoin while hailing cryptocurrency as the best hedge against inflation.

Interestingly, Charles Hoskinson, the founder of Cardano, supported Kennedy Jr’s crypto-friendly stance on April 4.

Hoskinson believes Kennedy is the ideal choice for voters, describing him as someone “who could make a difference regardless if he wins.”

Cardano’s founder reiterated his support following the recent announcement of Kennedy’s family to support incumbent President Joe Biden in the election.

While Hoskinson expressed dissatisfaction with the announcement, he described Kennedy as an underdog with the potential to disrupt the upcoming presidential race.