Andrew Yang, US presidential hopeful, speaks out for Bitcoin

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Andrew Yang, a former US presidential hopeful, tweeted that he supports Bitcoin, as he announced the launch of his new political party, the Forward Party. Tweeting with American businessman Jeff Booth, Yang said he is a big supporter of Bitcoin and cryptocurrencies in general. Yang’s statement comes months after he vowed to turn New York City into a Bitcoin hub if elected mayor. Right now, the US Federal Reserve is considering creating an official digital dollar.

Yang took to Twitter earlier this week to voice his pro-crypto views after Booth asked him what the Forward Party was planning to do around cryptocurrencies.

Big supporter of Bitcoin and cryptocurrencies in general – and wants to allow fiat prices to drop as they should as things get more efficient instead of assuming the inflation pattern. I learned a lot from you Jeff.

Andrew Yang ???????????? (@AndrewYang) October 6, 2021

This isn’t the first time, however, that Yang has opened up to the United States exploring the budding global cryptocurrency space.

In November 2019, the former Democratic Party politician posted a detailed blog on how he would draft frameworks for using and regulating cryptocurrencies nationally. Yang, at the time, was making a base for his presidential campaign.

Other countries, which are ahead of us in terms of regulation, are leading in this new market and dictating the rules that we will have to follow once we catch up, Yang noted, while stressing that the number crypto scams in the United States were on the rise. lack of regulation.

In 2020, Yang authorized his supporters to send donations for his presidential campaign in Bitcoin and Ethereum respectively the most valuable and second-largest cryptocurrencies in the world.

The climate around cryptocurrencies seems to have warmed up lately. Like Yang, several cryptocurrency enthusiasts have spoken in favor of this decentralized financing protocol.

Earlier this month, the Bank of America released a report acknowledging that cryptocurrency-backed and based industries have experienced a major global explosion, making the space too big to ignore.

According to research, nearly 221 million people have traded cryptocurrencies in recent times, indicating steady growth in the industry. Mergers and acquisitions in the crypto space have also grown from $ 940 million (roughly Rs 7,025 crore) in 2020 to $ 4.2 billion (Rs 31,390 crore) in 2021.

Last month, Jerome Powell, chairman of the US Federal Reserve, said the central bank had no intention of banning the crypto industry.

The city of Miami in the United States also recently released its first native digital currency called MiamiCoin.

Earlier this year, Central American country El Salvador legalized Bitcoin as legal tender alongside the US dollar and became the first country to do so.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.

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