- Robert F. Kennedy Jr. proposes to make the entire U.S. budget visible on blockchain for transparency and accountability.
- Kennedy’s blockchain vision criticized by some as a step towards central bank digital currency, which he opposes.
- Advocates for Bitcoin, Kennedy plans to link U.S. dollar backing and campaign donations to the cryptocurrency.
At a recent rally in Michigan, presidential hopeful Robert F. Kennedy Jr. unveiled a proposal to utilize blockchain technology to manage and display the U.S. federal budget. Kennedy, running as an independent after departing from the Democratic primary race, shared his vision of a system where every American could access real-time details of federal expenditures.
A New Level of Public Oversight
Kennedy’s proposal aims to bring unprecedented transparency to how tax dollars are spent, emphasizing the potential to monitor government spending continuously. “Imagine being able to see every line item in our budget at any moment, knowing exactly where your money goes,” Kennedy remarked during his speech. He highlighted scenarios where excessive spending would be immediately visible to the public, using the example of an overpriced toilet seat to underline possible government waste.
This approach, according to Kennedy, would engage citizens directly in oversight, with the potential to expose and thus deter fraudulent or wasteful spending. He described a future where “300 million eyeballs” could scrutinize the budget, thereby enforcing accountability through collective vigilance.
Reactions and Implications
The reaction to Kennedy’s plan has been polarized. On social media, numerous cryptocurrency enthusiasts praised the initiative, asserting that such transparency could indeed revolutionize public accountability and potentially curb corruption. One user emphasized that effective checks and balances require visibility, particularly when traditional government branches may fail to hold each other accountable.
However, some critics have expressed concerns, mistakenly equating Kennedy’s advocacy for blockchain with support for a central bank digital currency (CBDC), which he has explicitly opposed. They fear that blockchain use could lead to increased governmental control over financial transactions, despite Kennedy’s assurance of maintaining privacy and resisting CBDCs.
Kennedy is not new to the world of cryptocurrency; he has been a vocal supporter of Bitcoin and its underlying technologies. His campaign was the first among U.S. presidential candidates to accept Bitcoin donations, and he has even floated the idea of backing the U.S. dollar with Bitcoin to ensure greater economic stability and security.
