Andrew Yang plans to invest in New York as a Bitcoin hub

TL;DR Breakdown:

• Andrew Yang is planning to make NYC a crypto hub as mayor.
• Yang supported cryptocurrency and planned to make a regulatory framework for them during his presidential campaign.

Andrew Yang, one of the crypto-friendly politicians in the United States, disclosed his intention to make New York a Bitcoin (BTC) and digital currency hub when he becomes the mayor of NYC. The politician has since shown support for Bitcoin and other cryptocurrencies, even during his campaign for the country’s presidency. Meanwhile, this is going to be a race, as the mayor of Miami, Francis Xavier Suarez, already has plans to make the city the first crypto-hub in America.

Andrew Yang will invest in NYC as a mayor

As Andrew Yang tweeted on Thursday, he has an intention of making New York a crypto-friendly territory in the United States when he becomes the mayor. According to a recent update by the New York Post, Yang is presently the leading contender in the Democratic primary race for Mayor. Prior to the tweet, Andrew Yang was already known in the crypto space for his support for cryptocurrencies. When he contested for the US presidency, he accepted donations for his campaign in Bitcoin and other cryptocurrencies.

He also planned to make a legal framework for crypto regulation in the country. “Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity. This quick growth, however, has outstripped the government’s response.”

Many cryptocurrency companies like Gemini are situated in NYC. They believe that Andrew Yang could help bring some reforms in the state’s crypto rules.

Miami already eyeing crypto

The Mayor of Miami, Francis Xavier Suarez, has a similar intention for the city. Recently, he revealed they are considering adding Bitcoin to the city’s balance sheet. Besides investing in Bitcoin, the Mayor mentioned that residents would also be able to pay for services, including taxes using the cryptocurrency. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez said.