Bitcoin Bull RFK Jr. Suspends Presidential Campaign, Will Support Trump

Robert F. Kennedy Jr.’s long-shot bid at the White House came to a pause Friday as the independent presidential candidate announced that he's suspending his campaign and will support Donald Trump, another Bitcoin advocate—but RFK Jr. isn't dropping out entirely.

Kennedy announced the news in Phoenix, Arizona at an event that his campaign said would address "his path forward." The scion of the Kennedy political dynasty thanked his volunteers and supporters, suggesting the end of his campaign. Instead, Kennedy said that he would only remove his name from the ballot in swing states, in an effort to not tilt the election towards Democratic candidate Kamala Harris.

"I want everyone to know that I am not terminating my campaign," Kennedy said. "My name will remain on the ballot in most states."

Arizona Secretary of State Adrian Fontes said on Twitter (aka X) late Thursday that Kennedy had “filed official paperwork” in the state withdrawing from the 2024 race. The Associated Press then reported ahead of Kennedy's speech on Friday that his campaign had filed to exit in Pennsylvania, as well, with his team noting that Kennedy would endorse Republican candidate Trump instead.

"I’m not terminating my campaign, I’m simply suspending it," he emphasized Friday in Arizona. "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 said that issues of free speech, the war in Ukraine, and the "war on our children" led him to "leave the Democratic Party, run as an independent, and now to throw my support to President Trump." He added that Trump "has asked to enlist me in his administration."

During his speech, Kennedy also called out "shadowy Democratic operatives" who worked to hamstring his campaign, saying that the Democratic National Committee "waged continual legal warfare against both President Trump and myself."

“In the name of saving democracy, the Democratic Party itself is dismantling it," he added.

Kennedy also extended his criticism to the media, specifically addressing those present in the crowd.

“Instead of maintaining [a] posture of fierce skepticism toward authority, your institutions have made themselves government mouthpieces for the organs of power,” Kennedy said. "They don't fear lies, they fear the truth."

RFK Jr. and Bitcoin

Kennedy was the first presidential candidate to come out swinging for Bitcoin, preempting former President Donald Trump’s crypto shift by nearly a full year. At a Bitcoin conference in Miami last year, Kennedy described Bitcoin as a “bulwark” against governments and corporations that look to expand their power and intrude on everyday American life.

Since delivering the keynote address, Kennedy has continued to fold crypto into his presidential platform. He suggested that the U.S. could back the dollar with a mix of Bitcoin and other “hard currencies,” for example, or increase the transparency of government spending by putting “the entire U.S. budget on blockchain.”

Between Kennedy and Trump, both candidates have made similar overtures to owners of digital assets. At a recent Bitcoin conference in Nashville, Kennedy called for the creation of a strategic Bitcoin reserve, while the former president floated a “strategic Bitcoin stockpile” the next day.

Kennedy’s endorsement of Trump could have consequences for Harris. Polling conducted by NBC News before President Joe Biden’s abrupt exit from the race last month found that Kennedy held positive ratings with Republicans, while being disfavored among Democrats.

Speaking with podcaster Tom Bilyeu earlier this week, Kennedy’s running mate Nicole Shanahan indicated that her campaign prefers Trump over Harris. She described the possibility of taking votes from Trump as a “risk,” while assailing Democrats as anti-crypto.

“Elizabeth Warren is the poster child for regulating Bitcoin,” Shanahan said. “The federal government needs to let go of some of the control it has enjoyed for decades over fiat currency.”

Trump will hold a campaign event in Glendale, Arizona—a suburb of Phoenix—later Friday afternoon, where his campaign has teased a special guest.

Edited by Andrew Hayward