RFK Jr. proposes blockchain technology for US budget transparency
Most people know blockchain technology through Bitcoin and other cryptocurrencies. But its use isn’t just limited to that. Many industries, such as healthcare, real estate, and financial services, are looking at blockchain as a possible way to solve various issues.
NEW: 🇺🇸 RFK Jr. says “I’m gonna put the entire US budget on blockchain”
“Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day.”
“We’re gonna have 300 million eyeballs on our budget!” pic.twitter.com/TBpkcXt5i1
— Radar🚨 (@RadarHits) April 22, 2024
Independent presidential candidate Robert F. Kennedy Jr. has suggested an innovative idea: to place the total U.S. budget on blockchain.
Revolutionizing government spending with blockchain
In a recent rally in Michigan, Kennedy divulged his intentions of revolutionizing government spending. He expressed his commitment to migrating the entirety of the U.S. budget to a blockchain system. It would make governmental expenses accessible to all Americans round the clock, ensuring they can review budget allocations whenever desired.
Kennedy’s idea is straightforward: let the public see where their tax money goes. He believes that every citizen could monitor government spending by storing all government transactions on the blockchain.
Imagine 300 million pairs of eyes watching over the national budget. He mentions that if someone in the government were to splurge on something absurd – like a $16,000 toilet seat at the Pentagon – everyone would know about it. This is a nod to the previous scandals of the Pentagon’s overpriced purchases.
But imagine if we had to put the whole U.S. budget on blockchain. Sounds tough, right? Well, it is. The federal budget 2024 is predicted to be more than $6.5 trillion.
That’s a mind-blowing number of transactions occurring across numerous government departments. To manage this data securely and efficiently, we’d need to seriously invest in technology and expert knowledge.
Despite facing difficulties, Kennedy is still dedicated to using blockchain to enhance government transparency. In addition to his budget-related suggestion, he has shown his support for digital currencies.
He’s accepted campaign funds in Bitcoin and has hinted that, if he becomes president, he might support the U.S. dollar with cryptocurrency.
Kennedy is against the idea of a digital currency controlled by a central bank, commonly known as Central Bank Digital Currency (CBDC). Numerous Republicans, including ex-President Donald Trump, also share this viewpoint. Though the Federal Reserve is considering CBDC, Jerome Powell – the Chair of the Federal Reserve – asserts they won’t move forward without the approval of Congress.
As we gear up for the 2024 presidential election, Kennedy’s idea of using blockchain for the government budget stands out. He’s not shy about trying new approaches to improving government openness and responsibility. Even though we don’t know yet if such a system could work, it’s interesting to discuss how blockchain technology could transform how the government works as it becomes more common and developed.
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Kennedy’s presidential bid
According to recent NBC News polls, Robert F. Kennedy Jr.’s independent presidential campaign seems more damaging to Donald Trump than Joe Biden.
When pitted against each other, Trump has a slight edge over Biden, leading by 2 percent. However, the tables turn when third-party candidates enter the scene.
“The latest NBC News national poll shows that voting for third-party candidates, and especially for independent presidential candidate Robert F. Kennedy Jr., is reducing support for former President Donald Trump more than for President Joe Biden.” pic.twitter.com/LfPPs7QKaK
— 🇺🇸 Army Veteran in 🇺🇦 (@73RDARM) April 23, 2024
Biden takes the lead with 39 percent, followed by Trump with 37 percent, and Kennedy with 13 percent. The remaining percent of votes is split between other candidates, Jill Stein and Cornel West, garnering 3 percent and 2 percent, respectively.
According to the poll statistics, 15% of previously Trump-supporting participants switched their vote to Kennedy when the race included Kennedy and other contenders. Comparatively, Biden only experienced a 7% drop in support in this more crowded field.
Among Republican voters, Kennedy enjoys a good reputation, with 40 percent holding a favorable view compared to a meager 15 percent who see him negatively. However, most Democratic voters do not share this view, with only 16% having a positive opinion about Kennedy.
Currently, Democratic pollster Jeff Horwitt says that Kennedy’s appeal seems to be more appealing to Trump voters rather than Biden’s. The statement was made during an NBC News survey with Republican pollster Bill McInturff.
These findings contrast with other national polls suggesting that a greater third-party vote would adversely affect Biden more than Trump. In light of these surveys, the Biden team actively reaches out to Kennedy voters.
A recent indication of this was a campaign stop in Philadelphia, where the President expressed appreciation for the backing of other Kennedy family members.
McInturuff shared his thoughts and suggested that NBC News can be an outlier. However, he added that it’s equally feasible for their survey to signal future trends and changes.
Wajeeh Khan
Wajeeh Khan is a financial researcher and writer with 7 years of experience. He has immense exposure to a range of financial assets, including stock, cryptocurrencies and forex - and is particularly well-versed in asset valuation, analysis, and portfolio management. Since 2016, Khan has worked with notable online platforms within financial journalism, including Invezz, Trading-Education, Dog of Wall Street, and News Break. All in all, he has written, editted, and published over 7,000 articles, guides, and market insight. Online casinos started as a hobby for Khan in 2018. But in only two years, it had already become another niche that he started actively researching. Over the past three years, he has written a diversified set of content around gambling for clients from all over the world. Academically, Khan has a Bachelor's in Economics and a Master's degree in Finance. He's also completed a bunch of courses on digital journalism and financial markets at large.
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