Andrew Yang, a presidential candidate in the United States, Speaks Out for Bitcoin

Andrew Yang, a previous presidential candidate in the United States, tweeted that he supports Bitcoin as he announced the formation of his new political party, the Forward Party. Yang stated he is a huge fan of Bitcoin and cryptocurrencies in general while tweeting with American businessman Jeff Booth.

Yang’s comment comes months after he stated that if elected mayor, he would turn New York City into a Bitcoin hub. The US Federal Reserve is now considering developing an official digital currency.

After Booth asked Yang what the Forward Party planned to do about cryptocurrencies, Yang turned to Twitter earlier this week to voice his pro-crypto sentiments.
However, this isn’t the first time Yang has expressed interest in the US exploring the rapidly growing cryptocurrency market.

In November of this year, the former Democratic Party lawmaker published a comprehensive blog on how he would design national frameworks for the usage and regulation of cryptocurrencies. Yang was laying the groundwork for his presidential candidacy at the time.

“Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up,” Yang said, adding that the number of crypto frauds in the United States was increasing owing to a lack of laws.
Yang enabled supporters to donate to his Presidential campaign with Bitcoin and Ethereum, the world’s most valuable and second most valuable cryptocurrency, respectively, in 2020.

In recent months, the atmosphere surrounding cryptocurrencies appears to have improved. Several bitcoin supporters, including Yang, have come out in support of this decentralized finance mechanism.

The Bank of America released a study earlier this month acknowledging that the sectors backed and based on cryptocurrencies have experienced a huge worldwide boom, making the area “too large to ignore.”

According to the study, almost 221 million individuals have exchanged cryptocurrencies in recent months, demonstrating the sector’s constant expansion. In the crypto industry, mergers and acquisitions increased from $940 million (approximately Rs. 7,025 crores) in 2020 to $4.2 billion (about Rs. 31,390 crores) in 2021.

Last month, Jerome Powell, the Chairman of the Federal Reserve in the United States, stated that the central bank had no plans to prohibit the cryptocurrency industry.

Miami, Florida, has also recently launched the MiamiCoin, its first native digital currency.

El Salvador, a Central American country, became the first to legalize Bitcoin as legal money alongside the US Dollar earlier this year.

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