According to Andrew Yang, an American 2020 Democratic presidential candidate, the underlying technology of cryptocurrency like Bitcoin, called blockchain technology, is powerful.
In an interview with David Choi and Michelle Phan who have nearly 10 million subscribers on YouTube combined, Yang stated that the hype may have gotten in front of the development of cryptocurrency but reality will catch up over time.
He said: “I have many friends in the cryptocurrency community and I’m a believer in the underlying technology in particular. The blockchain has a world of potential. It’s like a lot of other technologies where right now, the hype sort of got a little overblown but the underlying technology is very powerful. What happens in these cycles is that it tends to be the hype gets in front of it and then the air comes out of the bubble but then the reality ends up catching up over time.” When asked about the possibility of using bitcoin or cryptocurrency in general as a part of the universal basic income or the freedom dividend, the main initiative of the Yang campaign that gives out $1,000 to individuals on a monthly basis, Yang responded positively, stating “I like where you’re heading.” “I learned a lot from my friends in the cryptocurrency community around some of these principles and its one reason why just about everyone in the cryptocurrency community loves the idea of universal basic income,” he added.
Major cryptocurrencies like Bitcoin have shown continuous growth over a long period of time.
For cryptocurrency to see growth and adoption as a payment system and a store of value, its usage amongst the broader market of investors and users has to increase significantly.
As government agencies and relevant financial authorities introduce more practical regulations and frameworks to govern the cryptocurrency sector, the growth of the industry is expected to expand.