Andrew Yang opined, “I have several friends in the cryptocurrency community, and I’m a believer in the underlying technology more particularly. The blockchain has a big world of potential. It is like a lot of other technologies where at present, the hype has got a little overblown; however, the underlying technology is very powerful. What happens during these cycles is that it tends to be the hype gets to be in front of it, and eventually the air comes out of the bubble, and then the reality ends up catching up with time.”
In order for the Bitcoin as a cryptocurrency to see a more extensive growth of adoption as a payment system, alternative currency or a store of value, the numbers of users who are making use of it has to increase significantly.
Clarity regarding the regulatory norms for the cryptocurrency industry has a major role to play in contributing to the overall development of the industry. Practical regulations and novel regulatory frameworks are expected to improve.
In recent days, the cryptocurrency market has seen a lot of comparison between gold and Bitcoin, and the Bitcoin is likely to improve in its merit as a store of value.
Yang stated that the hype might have helped with the development and familiarity of cryptocurrency, only for the reality to catch up with time.
When Yang was asked about the possibility of using the Bitcoin or cryptocurrency as a part of the freedom dividend or the universal income, he stated, “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.”
Several blockchain-related projects are struggling to demonstrate significant progress over the past few months. Several significant cryptocurrencies have shown growth over a period of time. When it comes to Bitcoin, every fundamental indicator of this coin has improved.
Contrasting to the scenario India is moving ahead with a draft bill which will ban Bitcoin and other cryptos with ten years of imprisonment, which is more than the seven years for money laundering.
One of the traders stated, “As a startup from India, we always wanted to serve from India, but this new complication has made it difficult for domestic crypto exchanges to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.”
