Bitcoin donations to RFK Jr. campaign only amount to $61k amid lack of transparency Bitcoin donations to RFK Jr. campaign only amount to $61k amid lack of transparency
Bitcoin donations to Robert Kennedy Jr. campaign a fraction of his $100 million war chest.
2 min read
Updated: Aug. 14, 2024 at 12:07 pm UTC
Gage Skidmore / CC BY-SA 2.0 / Flickr. Remixed by CryptoSlate
Independent presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has received only $61,000 in Bitcoin donations since 2023, according to an analysis by blockchain analytical platform Breadcrumbs.
This figure is modest compared to Kennedy’s overall fundraising success. According to OpenSecrets data, his 2024 campaign has raised over $100 million.
Tracking challenges
The Federal Election Commission (FEC) records show that the $61,000 in Bitcoin donations was collected between June and September 2023. Since October 1, 2023, the campaign has stopped reporting Bitcoin donations, which could indicate either a decrease in Bitcoin contributions or a change in reporting methods.
The Breadcrumbs analysis explained that Kennedy’s campaign uses OpenNode to process Bitcoin via the Lightning Network, which operates off-chain and complicates transparency.
Additionally, the campaign employs multiple stealth Bitcoin addresses, which create a new address for each donation, further obscuring the total amount of donations.
The firm concluded:
“BTC donation data has been difficult to find since it has not been transparently reported by his campaign.”
Meanwhile, the total amount of Bitcoin donations may be higher, especially considering potential contributions received at the recent Bitcoin Conference.
Pro-Bitcoin
Despite the limited Bitcoin contributions, RFK Jr. remains a staunch supporter of the flagship digital asset. He was the first US presidential candidate to accept Bitcoin donations last year and has strongly advocated for pro-crypto policies during his campaign.
At the recent Bitcoin Conference, Kennedy revealed that much of his wealth is invested in Bitcoin and made many promises that would allow the industry to thrive under his administration.
One such pledge was to sign an executive order on his first day in office to make Bitcoin a strategic reserve asset for the US. Additionally, he proposed exempting Bitcoin from taxes and treating it as currency rather than subjecting it to capital gains tax.
According to him, these plans are part of his broader economic strategy, which aims to back the US dollar with Bitcoin to strengthen the nation’s financial stability.
Notably, these positions have garnered support from notable crypto figures, including Cardano founder Charles Hoskinson.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Cardano
$0.79814
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.
Robert F Kennedy Jr is an American environmental lawyer, politician, and author.