Democratic 2020 Presidential Candidate Says Blockchain Can Fix US Social And Economic Conditions

Democratic Presidential Candidate For 2020 Thinks Blockchain Can Fix The Social And Economic Conditions Of US

In the 2016 elections, John McAfee had run the Presidential candidate on a pro-crypto platform. In 2020 we might have another name on the list. Andrew Yang, tech-entrepreneur turned presidential candidate. Yang has thrown his hat into the ring for the 2020 election, running on some unorthodox – or perhaps revolutionary – ideas.

Recently, Yang spoke about his campaign and how cryptocurrency and blockchain technology could play an important role in his vision for the future of the American economy.

You can watch the entire interview here.

There are a whole lot of areas which are completely missed by GDP. Yang’s proposed solution is

“to move to new measurements, like childhood success rates, mental health, and freedom from substance abuse, environmental quality, median income and wealth, and proportion of the elderly in quality situations.”

“I call this new system ‘human capitalism’, or ‘human-centered capitalism’,” he said. Once the new measurements are established, Yang said that he would present them annually at the State of the Union address. Additionally, Yang would move “to start rewarding companies and individuals who move society forward along those dimensions.”

Yang explained that the development of a reward system for people who work to improve their communities and American society at large “is where a cryptocurrency solution could come in.” Earlier when he was asked to talk about a national cryptocurrency, he replied:

“I think a national cryptocurrency could be a phenomenal idea that makes a lot of sense, but first we need to create more meaningful touchpoints in the economy for people to participate. Part of my campaign is that we need a new social currency, backed by the federal government and worth real money. This currency maps to various positive social behaviors that we want to encourage more of, things like taking care of the elderly, nurturing children, volunteering in a community, or improving the environment. The idea is based on something called timebanking that's been in effect in a couple hundred communities around the US for a number of years. We need a way to recognize and reinforce a helpful behavior. This would most likely look like a smartphone app.”

Notably, in July, Andrew Yang announced that he was accepting donations in Bitcoin, Ethereum, and all ERC20 tokens. “Our average contribution is only $11. We’re receiving hundreds of thousands of dollars, and we now take contributions in Bitcoin, Ether, and other major cryptocurrencies,” he said, adding that if you’d like to donate to his campaign in crypto, you can do so at yang2020.com/crypto.

“The way we’re financing this campaign is really through popular enthusiasm,” Yang said, comparing his own campaign to the 2016 Bernie Sanders campaign, which “managed to raise hundreds of millions of dollars in small donations.”