Robert Kennedy Jr. Support For Trump Boosts Bitcoin Over $64k

Pro-Bitcoin presidential candidate Robert F. Kennedy Jr. has withdrawn from the 2024 race and endorsed former President Donald Trump.

Following this announcement, Bitcoin’s price surged by over 4% in the last 24 hours, pushing it past the $64,000 mark for the first time since early August.

RFK Jr. Suspends Campaign, Backs Trump

On August 23, Robert F. Kennedy Jr. temporarily suspended his presidential campaign, with plans to remove his name from the ballot in swing states to support Trump.

“I’m not terminating my campaign, I’m simply suspending it. Our polling consistently showed by staying on the ballot in the battleground states, I would likely hand the election over to the Democrats, with whom I disagree on the most existential issues,” Kennedy explained.

Kennedy was a vocal supporter of the crypto industry during his campaign for office. He pledged to issue several Bitcoin-related executive orders, including making the flagship cryptocurrency a strategic Treasury asset. Additionally, he revealed intentions to sign an executive order for the US to buy 550 Bitcoin daily, aiming to build a reserve of 4 million BTC. 

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

This pro-crypto tendency made Alexander Grieve, a Paradigm executive, point out that Kennedy’s Trump endorsement further boosted the Republican candidate’s inclination towards the emerging industry.

“On one side, we have Trump and RFK Jr. — both of whom have endorsed crypto with specific policies and spoke at BTC Nashville. On the other, we have vague support from the Harris campaign. The Harris team needs to step up if they want the crypto vote,” Grieve commented.

Meanwhile, the crypto community has largely welcomed Kennedy’s move. Cardano founder Charles Hoskinson noted that RFK Jr. made a strategic decision by endorsing Trump in battleground states while remaining on the ballot in states with decided outcomes.

“It’s clear that if Trump wins, Kennedy will be part of his administration, we will get justice for the egregious covid policy, and the United States will be pro crypto,” Hoskinson stated.

Notably, Kennedy’s endorsement has boosted Trump’s prospects, with Polymarket data showing him at 50%, narrowly leading his closest rival, Harris, who stands at 49%.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

However, Kennedy’s decision has sparked a backlash from his own family. Five of his siblings — Kathleen Kennedy Townsend, Courtney Kennedy, Kerry Kennedy, Chris Kennedy, and Rory Kennedy — condemned his endorsement of Trump, calling it a betrayal of their father’s values. Instead, they have declared their support for the Democratic ticket of Harris and Walz.