Move over, John McAfee, there’s a new crypto candidate for President. Andrew Yang may not have a lifelong love affair with guns and drugs, or the same appetite for risky wagers. But he’s rapidly gained attention in the Democratic Primary race, and unlike McAfee, he’s not fleeing the IRS in a boat. That’s got to count for a few votes.
Much of the discussion focused on the proposal for a universal basic income, but the candidate made several detours into the advantages of distributed ledger technologies. Yang’s campaign priorities are “incredibly aligned” with those of the cryptocurrency community, he said.
“My vision of the economy is very consistent with the people who are in the cryptocurrency community,” Yang added, noting a need for greater decentralization and transparency in the political and economic system. Distributed ledger technology could be a key tool for facilitating the efficient distribution of a universal basic income.
It can also be used to secure voting procedures, which remain under threat from foreign interference. Open-ledger voting would clear up any doubts about election results, as well as “free people up” from inefficiencies like long lines at polling stations.
To make such a transition possible, Yang favors a move toward “multimodal voting.” All voting demographics would need to have access to the election process in a way in which they are comfortable, both through traditional means such as paper ballots or more modern means like mobile devices.
Putting his Bitcoin where his mouth is, Yang is accepting cryptocurrency donations for his presidential campaign, “If it’s just an exchange of value, there’s nothing sinister about it [Bitcoin],” Yang added. “Hopefully my campaign can shine the light on the fact that this is a great way to exchange value…”
The candidate has already collected “thousands of dollars in cryptocurrency donations,” demonstrating an effective and legitimate utility for the technology. “I’m very aligned with the values of the community, so hopefully we can disabuse people of the notion that having anything to do with cryptocurrency means you’re a drug dealer or something.”
Yang Is Woke To Blockchain
The candidate also discussed the regulatory confusion in U.S. industries, which prevent the economy from adapting to change. Whereas Donald Trump would prefer to freeze time, Yang said, he wants to move forward.
One of the barriers to moving forward is the rampant rent-seeking of the current system. “The truth is if you had the blockchain and other technologies fully revved up, you’d be disintermediating accounting firms, law firms, and financial institutions,” Yang said, “and those institutions really control much of the American system, where no one wants to let anything out that would disrupt their revenue streams.”
Yang’s words could come as a welcome encouragement to the forward-looking factions of American politics, but the entrepreneur is still a long shot. He is currently polling at 2% for the Iowa Democratic Caucus, having recently qualified for the next round of primary debates.