Bitcoin Price Surges on Biden’s Crypto Executive Order

Bitcoin on Wednesday saw the biggest surge after the interest of President Joe Biden. There was an impressive move of more than 9% when the US President signed an executive order, regarding identifying the risks and benefits of cryptocurrency. The order also included the hazards associated with creating the central bank digital dollar. 

According to the White House fact sheet, the order outlined,

“the first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”

After the announcement, the price of Bitcoin got increased by over $42,000, along with this the order also directed the government agencies for strategizing regulation upon the cryptocurrency. Apart from this Biden is also focused upon 6 pointers, including responsible innovation, illicit finance, financial inclusion, financial stability, and U.S. leadership in the global financial system and economic competitiveness. Although people were expecting this upcoming change and also were on the edge of it. Talking about the crypto space they also accepted this decision of Joe Biden positively as they also wanted to regularize the US digital assets and also insured long-term growth.

Bitfinex Trading team stated in a note, 

“The market has clearly been heartened by the talk of supporting responsible innovation and a constructive approach to regulating the evolving digital token economy.”

However, regarding the growth the White House fact sheet stated,

“The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate. And, it must play a leading role in international engagement and the global governance of digital assets consistent with democratic values and U.S. global competitiveness.”

In the last 24 hours, the Bitcoin price raised up to $3,000 i.e., 8% in a day and it was really big. The GlobalBlock analyst Marcus Sotiriou said, “The order seems relatively benign, hence giving the market some clarity. This is the first-ever, whole-of-government approach to overseeing the sector in the U.S. as it calls on the Treasury, Financial Stability Oversight Council, Federal Reserve, and national security agencies to work on relevant sections of the crypto ecosystem.”

Treasury Secretary Janet Yellen also supported this decision of Joe Biden and said in her statement 

“President Biden’s… approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.” She also added, “It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”