Robert Kennedy Jr.’s support for Trump’s bitcoins has added more than $64K.

Pro-Bitcoin presidential candidate Robert F. Kennedy Jr. withdrew from the 2024 race in support of former President Donald Trump.

Following this announcement, Bitcoin's price rose more than 4 percent in the past 24 hours, rising above $64,000 for the first time since early August.

RFK Jr. suspends campaign, supports Trump

On August 23, Robert F. Kennedy Jr. temporarily suspended his presidential campaign, planning to remove his name from the ballot in swing states in favor of Trump.

“I'm not stopping my campaign, I'm just suspending it. “Our polls have consistently shown in the battleground states that I'm going to give the election to the Democrats, I'm not going to agree on the issues that have been there,” Kennedy explained.

Kennedy was a vocal supporter of the crypto industry during his campaign for office. Flagship has pledged to issue several Bitcoin-related executive orders, including making the cryptocurrency a strategic Treasury asset. In addition, he expressed his intention to sign an executive order for the United States to buy 550 bitcoins per day with the aim of building a 4 million BTC reserve.

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This pro-crypto inclination Alexander Grieve, CEO of Paradigm, suggested that Kennedy's support of Trump further increased the Republican candidate's inclination towards the emerging industry.

“On the one hand, we have Trump and RFK Jr. – both of whom have supported crypto with specific policies and spoke at BTC Nashville. On the other hand, we have the implicit support from the Harris campaign. The Harris team needs to step up if they want the crypto vote,” Hazen said.

Meanwhile, the crypto community has largely welcomed Kennedy's move. Cardano founder Charles Hoskinson has been at the polls in states where RFK Jr. made a strategic decision by endorsing Trump in battleground states.

“If Trump wins, it's clear that Kennedy will be part of the administration, we'll get justice for the tough Covid policy, and the United States will be propped up,” Hoskinson said.

In particular, Kennedy's support boosted Trump's hopes, with Polymarket data showing he was at 50%, leading his closest rival, Harris, at 49%.

Read more: How to buy Bitcoin (BTC) and everything you need to know

However, Kennedy's decision caused resentment among his own family. His five siblings — Kathleen Kennedy Townsend, Courtney Kennedy, Kerry Kennedy, Chris Kennedy and Rory Kennedy — denounced Trump's support as a betrayal of their father's values. Instead, they declared their support for the Democratic ticket of Harris and Walsh.