Andrew Yang reaffirms support for Bitcoin on launch of new party

Andrew Yang, the former Democratic party politician, has confirmed his support for cryptocurrencies during a Twitter exchange with entrepreneur Jeff Booth.

Yang this week revealed his latest movement – The Forward Party – and doubled down on his opinions of Bitcoin and cryptocurrency – a viewpoint he made abundantly clear earlier this year after promising to turn New York City into a Bitcoin hub if he was  elected mayor.

Booth, an experienced technology leader and Bitcoin advocate, asked Yang whether he would be for the advancement of Bitcoin. The response was swift.

While Yang has previously called for nationwide regulation of cryptocurrency and more clean and transparent rules.

In September, house democrats proposed legislation that would impose ‘wash sale’ rules on cryptocurrency. Wash sale rules  allow investors to sell crypto and claim a tax benefit on it, then be able to buy the crypto they sold at a lesser price.

There are those, however, who dislike the potential regulation the government is planning on cryptocurrency.

Tesla founder Elon Musk is against the US government attempting to regulate the cryptocurrency market, saying the development of cryptocurrency could be hampered should regulation be put in place.

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Musk said.