Robert F. Kennedy Jr. has decided to suspend his independent campaign for the U.S. presidency, urging his supporters to back former President Donald Trump in key battleground states. This move aligns the Kennedy legacy with the Republican candidate, despite the family's historical ties to the Democratic Party.
RFK Jr., the son of 1960s political icon Robert F. Kennedy and nephew of former President John F. Kennedy, announced that he is removing his name from ballots in ten crucial states to avoid splitting the vote and potentially aiding the Democrats. "I no longer believe that I have a realistic path to electoral victory in the face of this relentless, systematic censorship and media control," RFK Jr. stated during a press event 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 existential issues."
Kennedy further hinted at a potential role in a Trump administration, a scenario that sparked a 2% rise in Polymarket election betting for Trump, giving him a 51% chance of victory over Vice President Kamala Harris' 48%.
Amid these political developments, the cryptocurrency market also saw a boost. Bitcoin (BTC) traded higher at $63,700, reflecting a 5% increase in 24 hours, following comments from U.S. Federal Reserve Chairman Jerome Powell about potential interest rate cuts in September.
While RFK Jr. wields the powerful Kennedy name, his bid hasn't garnered widespread support from the Kennedy family, many of whom endorsed President Joe Biden earlier this year. Despite this, RFK Jr.'s campaign was perceived as more of a threat to Trump than Harris, although the impact of his support for Trump remains to be seen.
From a cryptocurrency perspective, RFK Jr. might not need to persuade Trump to adopt a pro-crypto stance, as the former president has already embraced digital assets. Trump, once a crypto skeptic, recently promoted a new decentralized finance (DeFi) platform called "The Defiant Ones," although specific details are still under wraps. He has also profited from branded non-fungible tokens (NFTs) since his exit from the White House and has become a vocal advocate for digital assets.
Kennedy's decision to exit the race in certain states effectively turns the upcoming November election into a direct contest between the two main party candidates. However, he remains on the ballot outside the battleground states and hopes to attract votes there. Current national polls show Harris holding a slight lead over Trump, although the race is close.
Vice President Kamala Harris has yet to clearly define her stance on cryptocurrencies. Her campaign has not released any major policy positions on the matter, though a spokesperson mentioned that Harris would
"Support policies that ensure that emerging technologies and that sort of industry can continue to grow."
RFK Jr. described his decision to support Trump as "heart-wrenching" but based on shared views on several issues, including the war in Ukraine, children's health, and free speech limitations. He confirmed he would be joining Trump's campaign efforts, stating,
"I have the certainty that this is what I'm meant to do, and that certainty gives me internal peace."
