Former US presidential candidate Andrew Yang tweeted that he supports bitcoin, as he announced the launch of his new political organization, the Forward Party. Tweeting alongside American businessman Jeff Booth, Yang said he is a big supporter of bitcoin and cryptocurrencies in general. Yang’s statement comes months after he promised to turn New York City into a bitcoin hub if he was elected mayor. As of now, the US Federal Reserve is considering creating an official digital dollar.
Yang took to Twitter earlier this week to express his pro-crypto opinion, when Booth asked him what the Forward Party planned to do around cryptocurrencies.
Big proponents of bitcoin and cryptocurrencies in general – and want to allow fiat prices to go down as things become more efficient – rather than assuming inflationary models. Jeff learned a lot from you.
— Andrew Yang????⬆️?????????? (@AndrewYang) October 6, 2021
This is not the first time, however, that Yang has opened up about the US exploring the emerging cryptocurrency space globally.
In November 2019, the former Democratic Party politician posted a detailed blog post on how he would draft a framework for the use and regulation of cryptocurrencies at the national level. Yang, at the time, was laying the groundwork for his presidential campaign.
“Other countries, which are way ahead of us in terms of regulation, are leading the way in this new market and setting the rules that we’ll need to follow once we catch on,” Yang said. The number of crypto scams in the US was highlighted. Growing up due to lack of rules.
In 2020, Yang allowed supporters to send donations to his presidential campaign in bitcoin and ethereum – the world’s most and second most valuable cryptocurrencies, respectively.
The environment around cryptocurrencies seems to be heating up in recent days. Many cryptocurrency enthusiasts, like Yang, have spoken out in favor of this decentralized financing protocol.
Earlier this month, Bank of America published a report acknowledging that crypto-based and backed industries have seen a huge global explosion, leaving the space “too big to ignore.”
According to research, around 221 million people have traded in cryptocurrencies in recent days – indicating the continued growth of the sector. Mergers and acquisitions in the crypto space also grew from $940 million (approximately Rs 7,025 crore) in 2020 to $4.2 billion (Rs 31,390 crore) in 2021.
Last month, US Federal Reserve Chairman Jerome Powell said that the central bank has no intention of banning the crypto sector.
The US city of Miami also recently released its first native digital currency called MiamiCoin.
Earlier this year, the Central American country of El Salvador legalized bitcoin as legal tender with the US dollar, becoming the first country to do so.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.