Andrew Yang Is Pro Crypto
Yang is an entrepreneur, lawyer and businessman who, similar with current U.S. President Donald Trump, is seeking an entry into the world’s political spectrum. Yang has often been very praising of cryptocurrency, saying it’s the future of finance and that the lack of education centered around crypto is likely to bear rough consequences in the future.
In a recent interview, he thinks more Americans need to invest in crypto and says that avoiding it is likely to be a mistake for most people. He has also stated that as president (should he make the cut), he will develop a clear-cut policy system for trading, selling and purchasing digital currencies in the United States, and he’s got the backing of many crypto enthusiasts pushing for his win this coming November.
We need to have a uniform set of rules and regulations around cryptocurrency use nationwide because right now, we are stuck in this hodgepodge in this state-by-state treatment, and it’s bad for everybody. It’s bad for innovators who want to invest in this space. So, that would be my priority. Just clear and transparent rules so that everyone knows where they can head in the future and that we can maintain competitiveness. Because to me, the underlying technology of cryptocurrencies is very high potential, and we should be investing in it.
Yang’s comments put him on the same plane as current China president Xi Jinping, who last October, stated that blockchain had the power to reinvigorate the Chinese infrastructure. He stated that he would be putting a lot more emphasis on blockchain innovation within China’s borders. His words ultimately caused a massive spike for bitcoin, taking it from the mid-$7,000 range to about $8,600.
Yang seems to have a point in that it would probably benefit most Americans to know more about cryptocurrencies. Given that many superpowers (i.e. China) are becoming more involved in it, the U.S. could potentially fall behind if it doesn’t learn more about its properties early. Thus, other nations could potentially overpower the U.S. or surpass it if residents and regulators alike aren’t careful.
We’re Falling Behind
While Yang hasn’t necessarily stated or implied that cryptocurrencies will eventually snuff out cash or fiat money altogether, he has said that even the most hardcore regulation won’t be able to suppress it. He states that crypto is here to stay, and it’s only a matter of time before it becomes more mainstream.
Aside from his crypto policies, Yang has stated that as president, he also wants to give every American age 18 or older a basic income stipend of roughly $1,000 every month.