Andrew Yang is a “dark horse” U.S. presidential candidate who is running as a Democrat for the 2020 presidential bid. He recently announced on Twitter that he has started accepting donations in bitcoin, ether and other cryptocurrencies.
Yang is the author of the book “The War on Normal People” and he is also a successful entrepreneur who founded the organization called Venture for America which is an entrepreneurial fellowship. He is also opposed to artificial intelligence and automation technology and believes that the economy should be geared toward “human capitalism” or in other words, maximizing human well being.
In the book he also argues in favor of a universal basic income of $1,000 a month for all U.S. adults. Needless to say, Yang has an interesting way of looking at things.
So for anyone looking to make a donation, Yang will be accepting bitcoin and any coin that is based on the ERC20 standard. All the donors will have to fill out a form that will verify their voter qualifications after which they will receive a cryptocurrency wallet address to which they can make the donation.
The donors can only make a maximum donation of $2,500. This is calculated based on an individual.
The donors are strongly advised not to share the campaign’s wallet address because of the obvious reasons I just mentioned above.
The basic requirements to be eligible to make a donation is that the individual must be a U.S. citizen or a lawfully admitted permanent resident. They should also be 18 years old and they cannot be a federal contractor.
After the Twitter announcement, there were mixed reactions from the people. Some said that Yang shouldn’t be accepting cryptocurrencies because it could be used to accept illegal foreign donations. While another tweet said that Yang shouldn’t accept donations because the bitcoin network consumes too much non-renewable energy to process transactions and that is adding to the climate change.
But others were supportive of the decision saying that it is about time candidates started accepting cryptocurrency.
Yang Isn’t the First Candidate to Accept Crypto
Interestingly enough, Yang isn’t the first presidential candidate to start accepting cryptocurrency donations. Although we must agree that he is certainly the first one to receive widespread media coverage for announcing that he will be accepting crypto.
Back in 2016, U.S. Senator Rand Paul, a Kentucky Republican started accepting campaign contributions in bitcoin when he ran for president. In 2014, the Libertarian Party of Texas accepted donations.
So it’s not a unique move but it is definitely a move that is aligned with the current crypto climate around the world and how the regulations are being announced in favor of cryptocurrencies. We would say that Yang has picked the right moment to make that announcement.