New York Mayoral Candidate, Andrew Yang, Plans to Make NYC a Bitcoin Hub

  • Andrew Yang pledges to transform New York City into a hub for crypto-currencies
  • Previously, in his political campaign, he had accepted donations in the form of crypto-currencies
  • He pledges to provide Americans with $1000 every month as universal basic income

Andrew Yang, 46, who is running for the office of the Mayor of New York City has announced his intention to run for the seat of Mayor in New York City, a move which could see the financial capital of the world quickly become a hub for cryptocurrencies.

New York to Become a Bitcoin Hub

He tweeted on his official Twitter handle that “As Mayor of NYC – the financial capital – I will invest in making the city a hub for BTC and other crypto-currencies”

His buoyant plans for cryptocurrency and his intention to provide Americans with $1000 every month as a universal basic income has seen him leading the polls in the Democratic Party for the Mayoral race.

Reaffirming his pledge in an interview with Bloomberg, Yang stated “People investing in these currencies are finding a way to do so and make use of their investments.” He also noted that “I don’t think that you could impede it with regulation if you tried.”

The move from Andrew Yang is very similar to that of Miami’s Mayor, Francis Suarez, who has announced that he is working on a city resolution that would bring Bitcoin to Miami’s balance sheet.

Who is Andrew Yang – The Man, The Myth, The Legend?

Andrew Yang, 46 was born to immigrants from Taiwan in New York. He attended Columbia Law School and had a short stint as a lawyer after moving to New York City. He quickly made the switch to lending his services to several startups during the dot-com boom and ultimately became the CEO of his own company – Venture for America.

In 2020, he announced his intention to run for President under the Democratic Party with his mantra being the automation and calling for an institutional acceptance of crypto-currencies. His Presidential campaign went on to accept donations in crypto-currencies reaffirming his desire to see a nationwide acceptance.

On the Flipside

  • The U.S. treasury secretary, Janet Yellen, has warned of an “explosion of risk” from criminals using digital technologies
  • According to Yellen, the Covid-19 pandemic has made the problem worse, because it has moved more crime online
  • She told a U.S. Treasury roundtable that cryptocurrencies held promise, but were too often used for crime

The Heated New York Mayoral Elections

Andrew Yang’s intentions of transforming NYC into a cryptocurrency hub have sparked heated debates with some Twitter users referring to Bitcoin as a Pyramid scheme while others argue that a stable society requires a stable currency.

With the primaries elections slated for June 22, several prominent personalities have indicated their intention to run for office under the Democrat party. Scott Stringer (Current City Councillor),

Eric Adams (Brooklyn Borough President), Maya Wiley, Shawn Donovan, amongst others. In the predominantly Democrat state, whoever clinches the primaries is most likely going to be the new Mayor of New York.

Andrew Yang’s promotion of technology and his pledge to see a nationwide acceptance of bitcoin has endeared him to the young, tech-savvy population and has seen him leading early polls. In about five months, New York City might see new changes in its financial space which will provide a blueprint for the rest of the country to follow.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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