US Presidential Election candidate, RFK Jr. in a public speech talks about implementing the entire US Economy on Blockchain through Bitcoin. RFK is a Pro-Bitcoin Presidential candidate because he is the first to introduce Bitcoin in the Presidential Election. He takes the entire US Economy to another level of transparency. He concluded that transactional freedom is as important as freedom of speech and it can be obtained through Bitcoin.
RFK Jr. is the son of former US Attorney General and Senator Robert R. Kennedy and nephew of former US President John F. Kennedy. He is standing in the US Presidential Election in favor of circulating the entire Budget on the Blockchain.
On 21st April, at the US campaign rally in the Royal Oak Music Theatre of Michigan, he reflects on ideas to connect the US Budget with the Blockchain by simply gathering every American on the Blockchain. This will help Americans check out every budget item on the entire Blockchain. Catherine Fitts, a former U.S. assistant secretary of HUD also supports the idea of RFK in the campaign.
“Just think about it, having 300 million eyes on the Budget system. So if anybody is spending $16000 on a toilet seat, we all know about it”, says RFK in his public speech. This will automatically transparent the US Budget proceedings.
Positive Impact of Blockchain
Cryptocurrency will protect the Economy from Inflation. It will eliminate government control and monopoly of the banking system over the currency. Also, it will lead to a transparent Budget system.
In 1980, a scandal from reports that the Pentagon paid $640 per toilet seat, and in 2018, the replacement of toilet seats cost $10000 each.
In 2022, Trump is supportive of Crypto and Biden is Against it. However, Biden later issues a layout stating plans for responsible development and digital innovations to stand in the global financial market.
That’s why, RFK Jr. supports digital assets and accepts campaign donations in the form of Bitcoin to give back US Dollars Bitcoin If he is elected. Crypto is equal to freedom. RFK also warned about Central Bank Digital Currencies (CBDCs). CBDC is the social monitor and control that restricts transaction limits.
Negative Impact of Blockchain
It is important to understand, why the government is cautious about Bitcoin and for this first, we have to know Fiat Currency in the economy. Fiat means currency issued by the government which could be backed with full faith and credit. The cycle of transactions circulates between borrowers, lenders, and customers. Bitcoin is a decentralized system that will eliminate the Central bank proceedings from the system, this will lead the transaction between two parties through the Bitcoin network, which will automatically weaken the trust cycle. The transaction cannot be included in the central ledger unless any authorized node recognizes it.
Bitcoin can evade the Government's control over the capital. The government institutes capital controls to prevent money outflows but Bitcoin avoids the government's capital controls.
Another negative impact of Bitcoin on the economic system is its illicit activities in the financial market. It's a kind of blessing for criminals to perform unlawful activities because users can only be identified by their address in the network. Hence, it becomes difficult to trace the transaction on the Blockchain.
Many people believe that Bitcoin will positively change the transaction cycle while others think it will disturb the financial system. However, it is still uncleared because not enough countries have experienced the Crypto cycle in the Economy. Bitcoin cannot be separated from negative impacts even though it has many strong positive impacts on the Economy.
Also Read: UK Treasury Will Finalize Crypto Regulations Plan In July
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