After announcing a new political party in the US earlier in October, Andrew Yang has revealed his intensions of making his Forward Party a Crypto Party. The 46-year-old former Democrat has often expressed his support and hopefulness towards the future of the cryptocurrency space. Speaking on the latest Bankless podcast, Yang said that the US must approach the concept “intelligently.” He also predicted a glowing future of the crypto space. The fair distribution of universal basic income is possible through these direct-pay crypto tokens, Yang firmly believes.
Section 1: What is the Forward Party?
Section 2: Why should American voters care about the upcoming US midterm elections?
Section 3: What can the US and the world do about the problems associated with the banking system?
Section 4: What is the cryptocurrency supply-and-demand model, and how can it help?
Learn More About Forward Party
When Yang announced the party in early October, he said that the party will consist of no formal political parties. He said that the party is a place for those with a vision to share. As the party is not fully established, Yang will decide who the people running for Congress will be. The vice-chair of the party is Elizabeth Lusskin, who has more than 30 years of legal and corporate experience.
The party will have a US$100 million war chest, according to Yang.
A Crypto Party
Andrew Yang made the revelation on Bankless, a podcast hosted by Onno Braake and Berenberg strategist Alexander Kunze. The Princeton graduate, who was very successful in business, made the move to the political sector. The NYSE alumnus has been involved with Democratic Party politics in the past. With the upcoming midterm elections, Yang announced his new party earlier in October. The party aims to reform the Democratic Party and transform it into a party for the masses. His political objective is to take on big business interests by forming a new alliance between the working class and working poor. Yang stressed on the general idea that in the new age of globalization, wealth should be shared among those who work and those who don’t.
Why are these innovative thoughts necessary?
Both western and eastern countries have reached the same state of digitalization. The main difference, however, is that nations in the west are using their existing systems. Yang described China as a country that has more freedom in terms of smart contracts than the United States. He thinks a major consideration is that the United States is a highly centralized nation in terms of its businesses. However, those are in a “high risk” environment due to all the regulations the government enforces.
“What if there's a global system where everyone is an equal consumer. I think that's what we should really focus on.”
The privacy issue
Yang also believes that cryptocurrency and blockchains are the perfect antidote for these circumstances. He said:
What are Yang's implications of having a crypto party?
As the founder of a company that focuses on creating blockchain-based tools for free and fair elections, Yang's background has been primarily focused on the future of digital currency. In a new interview with Bankless, he had the following to say about the future of cryptocurrencies:
“I think it’s already here in the sense that, with blockchain, we can finally have a digital currency that has intrinsic value and one that’s not tied to the whims of any government.
Whether or not cryptocurrency will be a major political force moving forward will largely depend on what major technology innovation occurs during the next decade.
For the millennial, the age group with the highest percentage of bitcoin wallets, the emergence of an exclusive social club of like-minded people is much appreciated. Progressing markets must be inclusive to the market to flourish, if one is to use a foregone cliché. The manner in which Yang has conducted his business ventures – including his first-of-its-kind eSports projects – has indicated that he has the answers to the technological future of the world. Though he believes that cryptocurrency will be an important aspect of his party, his position on the cryptocurrency space hasn’t been that different to that of the US government.