RFK Jr. Reportedly Dropping Out Of Presidential Race, Bitcoin Surges Past $61K

By: Isha Das

In a surprising turn of events, Robert F. Kennedy Jr. is reportedly withdrawing from the 2024 presidential race and is considering endorsing former President Donald Trump. This development has sent ripples through the political and cryptocurrency landscapes, with Bitcoin prices soaring past $61,000 following the news. The independent candidate, known for making cryptocurrency a pivotal part of his campaign platform, has scheduled a national address for Friday to confirm his decision.

Kennedy Jr., the nephew of former President John F. Kennedy, initially entered the race with a promise to revolutionize the financial system through blockchain and cryptocurrency technologies. His stance attracted significant attention from the crypto community and advocated for policies that would integrate digital currencies into the mainstream financial ecosystem.

With his expected backing of Trump, who has shown ambivalent attitudes towards cryptocurrencies, the crypto community is cautiously optimistic. Some believe that this endorsement could elevate the profile of digital assets in Washington, potentially leading to more favorable regulations and greater institutional adoption. For more details on Bitcoin’s rise, refer to Reuters.

Trump's administration had previously shown sporadic support for blockchain but was also wary of the risks associated with digital currencies. An open endorsement from a prominent figure like Kennedy Jr. could bridge the gap between mainstream politics and the evolving world of cryptocurrency, offering a unified stance on digital asset innovation.

Kennedy Jr.’s exit from the race has undoubtedly created an electoral shake-up, with both his followers and the GOP speculating on the potential impacts. For a broader view on the future of digital currencies, check out Bloomberg. The coming weeks will be critical in assessing how this political shift will affect both the market and regulatory environment.