Kennedy's Campaign Shakeup

The running mate of independent U.S. presidential candidate Robert F. Kennedy Jr. announced on Tuesday that they are considering withdrawing from the race. This move aims to bolster the campaign of former president Donald Trump. The announcement signifies an increasing concern among political elites that Trump could potentially lose in the upcoming November election.

Kennedy's Crypto Vision

Robert F. Kennedy Jr., the son of Robert F. Kennedy and nephew of former president John F. Kennedy, has been one of the most vocal advocates for cryptocurrency in recent months.

Back in July, Kennedy revealed a bold plan: if he won his bid for the White House, he would make the government purchase $615 billion in Bitcoin. This move would mark a significant shift in U.S. economic policy.

Endorsement and Political Strategy

Kennedy and his running mate, Nicole Shanahan, are expected to endorse Trump if they drop their campaign. Shanahan explained in an hour-long interview with Tom Bilyeu on Impact Theory that there is a strong preference for Trump within their campaign.

She emphasized that Kennedy's remaining in the race could draw votes away from Trump and risk a Kamala Harris presidency. Trump is regarded as the more crypto-friendly candidate among the major political parties.

Critique of the Democratic Party

During her interview, Shanahan criticized the Democratic Party for its approach to fiat currency control and potentially harmful regulations on crypto. "Elizabeth Warren is the poster child for regulating Bitcoin," Shanahan stated.

She argued that it's all about control, and the federal government needs to relinquish some of the power it has enjoyed over fiat currency for decades. Shanahan added that a new generation of leaders who believe in private markets must be elected to steer the U.S. from subsidization that hinders economic growth.

"We do not have that kind of leadership," Shanahan said.

Broader Sentiment in the Crypto Market

Shanahan's comments reflect a broader sentiment regarding the election and crypto. Bernstein Research noted earlier this week that the crypto market views a Republican win as positive for crypto policy. This perspective has driven many crypto enthusiasts to support a Trump presidency.

A separate Bernstein report this month found that a slump in Bitcoin's price could be linked to the Harris campaign overtaking Trump in the polls for the first time. This trend has been mirrored in crypto betting markets like Polymarket, where Harris's odds have surged.

Kennedy had initially selected Shanahan as his running mate in March of this year. Shanahan, a registered Democrat, has previously contributed to the Democratic Party, including a $25,000 donation to the Biden Victory Fund.

However, she left the party to join Kennedy's campaign. Kennedy's polling numbers have dropped from around 5% to 3%, while Trump remains steady at 43%, and Harris's polling has risen close to 50%.