RFK Jr. Proposes to Host US Budget on Blockchain
Robert F. Kennedy Jr. has expressed his support and enthusiasm towards Bitcoin on various occasions. The decentralized proponent has proposed to back USD with Bitcoin as part of his presidential campaign. The presidential candidate recently expressed his wish to host the US budget on a blockchain.
He was addressing the public on 21st April in Michigan when he shared the idea. He noticed that the change in stance would enable all citizens to view the budget item around the clock. He stated that there are going to be around 300 million views on the budget and if anyone spends $16K for a toilet seat, everyone else is going to learn about it.
He noticed that he was poised to put the whole US budget on a blockchain network. His plans will bring more transparency and accountability to the federal system. In addition, the taxpayers will be able to view the source and spending of their deductibles.
His proposal was celebrated by many users on social media and people noticed that the idea was singularly unique, revolutionary, and would diminish corruption.
Blockchain Brings Transparency
One social media user noticed that bringing transparency to public through blockchain can become its one of the most important utilities. The user claimed that this system will enhance the current check and balance tools that work in tandem with government offices.
The user stated that blockchain will allow people to gain a better understanding and disclosure of state procedures.
Kennedy’s Stance on Stablecoins
On the other hand, some were also critical of the idea. One such pushback suggested that Kennedy’s idea was lending support to the issuance of a CBDC via blockchain. However, the presidential candidate previously shared his aim to brandish efforts to launch a CBDC citing issues regarding privacy and financial freedom.
He is running as an independent candidate in the upcoming election. He concluded the bid to run as a Democratic Party nominee in October last year. He has showcased strong support for Bitcoin and blockchain among other presidential candidates.
At the same time, he is the first politician in the race to accept Bitcoin donations. He shared the plan to back USD with Bitcoin when elected as the president.
Rise of Decentralized Finance
In international politics, the trend of leaning towards decentralized finance has started to grow. It seems that politicians are giving voice to the demand among people about moving away from centralized systems and towards decentralized networks that warrant more transparency and ensure accountability.
To the same effect, Javier-Milei emerged victor as the Argentinian president in 2023 December on account of his Bitcoin-friendly stance. Among his campaign promises he advocated for downsizing the government infrastructure. Another Cointelegraph article made a critical analysis of Bitcoin prices. The flagship crypto is 18.6% down from its ATH.
As per the report, analysts expect Bitcoin prices to continue correction. The token dropped by 8% during the week and 12% in the last month. Data projections from Cointelegraph Pro and TradingView indicated that Bitcoin was trading on an intraday low of $60,505. The downward movement was unexpected on account of the debut of spot Bitcoin and Ethereum ETF approved in Hong Kong.
There are some projections that Bitcoin prices can reset at $40,000. Data projections from Glassnode indicated that Bitcoin realized profits on 14th March were valued at around $4 billion, the same day when Bitcoin printed an ATH of $72, 000.
Some analysts opine that there is a chance that Bitcoin price retrace all the way to $51 thousand or $42,700 when a market top is confirmed. Rekt Capital noticed that the recent spiral down is a historical bull market initiation.
The analyst further stated that the recent halving behaved in the same way as producing a downside wick below resistance. The analyst observed that Bitcoin will trade sideways in order to accumulate momentum to stabilize to pre-halving price performance.
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