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Drop of Crypto Proactive US Presidential Candidate Raises Concern Over Crypto Future in US

The pacesetter United States 2020 Presidential election candidate, Andrew Yang whose campaign was famous for his massive support for cryptocurrencies alongside a future promise of universal basic income has dropped out of 2020 elections.

Andrew Yang Drops His 2020 Elections Campaign, Promises To Bounce Back Harder

As this might have meant a major disappointment to many of his supporters who seem to have turned loyalists of his highly controversial “Yang gang”, it is still widely accepted that Andrew Yang’s election campaigns shone a light on critical issues like financial freedom and his support for cryptocurrencies brought large hopes to the blockchain industry as a whole.

Now, as all hope in this regard seems dashed, Andrew Yang, who was the first Asian-American Presidential candidate ever to make great impacts took to his twitter handle to reassure his supporters of a much more promising future. According to Andrew Yang,

“I’m so proud of this campaign. Thank you to everyone who got us here.”

Crypto Enthusiasts React To The News

The news has become highly controversial within the crypto space in the first few hours of the announcement by Andrew Yang. However, it raises a lot of questions regarding the future of cryptocurrencies in the United States after a crypto proactive presidential candidate like Yang, dropped out of the big picture. According to Jake Chervinsky, lawyer and ex-litigator, 

Besides, other big political figures like Alexandria Ocasio-Cortez, US Representative, NY-14(Bronx & Queens) took to Twitter to respond to the announcement, according to the Congresswoman, Andrew ran a great race,

Similarly, Twitter founder, Jack Dorsey who is actively working to bring Bitcoin to 1.2 billion people also took to his twitter handle and twitted with regards to Andrew Yang’s campaign drop announcement. Jack in his Twitter profile writes; 

“Really sad Andrew is dropping out. He’s an incredibly authentic person who was focused on solving the big existential problems facing the world. Thank you, Andrew, for bringing universal basic income back into the national conversation. It’s well overdue. #yanggangforever”

More Talks Of Crypto Adoption Takes Over The US Senate

Moreover, the issue of crypto adoption in the United States seems to be spreading like wildfire. Recently, Congressman Bill Foster (D-IL), perhaps one of the best friends cryptos have on the floor of the house, questioned the Chair of the Federal Reserve Jerome H. Powell on U.S’s central bank digital currency (CBDC) progress at a hearing on monetary policy earlier today. 

Fostering hopes of a possible digital dollar in the long run, Bill put forward the following questions and few others to Powell:

“Do you think that establishing a digital dollar would help ensure that the U.S. dollar continues to serve as the core of the U.S. and the world’s financial system?”

Although Powell sounded support for the notion with an affirmative response, he was however creative with his response in particular to a possible digital dollar. According to Powell,

Having a single government currency at the heart of the financial system is something that has served it well, it’s a basic thing that hasn’t really been in question. He continued, whether a digital currency moves us along that path is an open question,” “Every current central bank is taking a deep look at that.”

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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