According to the FEC's website, Pierce filed as an independent candidate with the Federal Election Commission on Monday.
He is known for co-founding Tether, also for his role with Block.One and the EOS token.
Blighted by the coronavirus pandemic the U.S. is gearing up for the looming 2020 election amid a bleak economic backdrop.
Controversial former child actor-turned-bitcoin and cryptocurrency advocate Brock Pierce has thrown his hat into the ring, promising to use technology to "enhance institutions and improve lives."
"Technology should be embraced, not feared," Pierce told in a video announcing his independent presidential bid.
"If our government was using 21st-century technology, all of those stimulus and unemployment checks would have been received by the people in need much sooner."
President Donald Trump signed in March the $2 trillion coronavirus stimulus package, IRS has sent out around 160 million stimulus checks to Americans, mostly by direct deposit and paper check.
The government's sudden need to give cash to civilians in response to the economic devastation made by the coronavirus pandemic has led to calls for an overhaul of the legacy financial system, with suggestions for the digitalization of the dollar put forward by Congress.
Such recommendations have so far failed to win broad support but a clutch of lawmakers proceed to make the case for reform, at least the dollar loses its place as the world's reserve currency.
Senator Tom Cotton said the Senate Banking Committee's digital dollar hearing last week: "The U.S. dollar has to keep earning that place in the global payments system. It has to be better than bitcoin… it has to be better than a digital yuan," referring to China's recent efforts to digitalize its currency.
"Technology is a solution we should be proactively using," Pierce said in his campaign launch video, adding: "What's served us in the past will not serve us in the future."
In early 2018 Brock Pierce's net worth was put at between $700 million and $1 billion.
He has funded dozens of cryptocurrency firms, including San Francisco-based bitcoin and crypto exchange Coinbase, EOS creator Block.one, and crypto-focused venture capital fund Blockchain Capital.
"In the very near future the landscape of our country will forever change," Pierce said, echoing Andrew Yang, a Democratic presidential election hopeful who campaigned on an automation awareness platform before dropping out.
"Innovations like AI will alter our workspace in ways we can foresee and prepare for."
According to a 2017 report by consultants McKinsey & Company, by 2030 as many as a third of American jobs might have disappeared because of automation- though different studies paint a more optimistic picture, predicting new jobs will replace the majority of those lost.
Pierce, who is living in Puerto Rico, has yet to unveil any specific policies, saying people to "stay tuned," via Twitter.
The Bitcoin and cryptocurrency communities have been cheered by the announcement.
Samson Mow who is the chief strategy officer of blockchain technology company Blockstream told Pierce: "You have my vote."
The chief executive of crypto investment company Galaxy Digital, Michael Novogratz, said via Twitter: "Give [them] hell, buddy.”
The U.S. 2020 presidential elections are scheduled for Tuesday, Nov. 3.
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