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Author Topic: Joe Biden's Crypto Executive Order is a Historic Good News for Bitcoin.  (Read 232 times)
Zlantann (OP)
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March 11, 2022, 08:08:08 PM
Last edit: March 11, 2022, 08:22:34 PM by Zlantann
Merited by Zilon (1), zeuner (1)
 #1

Before this long awaited document was released, many economic analyst has predicted a crackdown on the crpto industry. In fact celebrated economist, Matin Wolf advised the US government to make cryptocurrencies illegal.

But rather than banning cypto Joe Biden administration gave it some real recognition that is worth celebrating. Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.

This executive order signals that at the very least, Biden thinks crypto is a serious and important part of the US economy that have some potential. Hence, he mandated the US financial regulators to update and expand  their scope to address cryptocurrency by studying crypto.

White House now understands that for them to still occupy the number position economically, the US need to have a competitive edge over other countries when it comes to crypto development. Also, US believe that cryptocurrencies could be a very vital tool to gain economic advantage over China

I guess  Bitcoin’s price surged on President  Joe Biden’s executive order.





https://www.vox.com/recode/22969662/crypto-bitcoin-biden-new-executive-order
https://www.cnbc.com/2022/03/09/heres-whats-in-bidens-executive-order-on-crypto.html

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March 11, 2022, 08:17:55 PM
 #2

The whole thing basically boils down to "We'll look into it" or "Watch this space".  It doesn't really mean anything yet, neither good nor bad.  I suspect they're being deliberately vague and perhaps just felt they needed to give the impression they were doing something.  

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March 11, 2022, 08:33:31 PM
 #3

Though Biden is positive on the use of cryptocurrency and digital currency but, he is yet to conclude on a final law on the both. Integrating a digital dollar could be his way of battling the inflation that hit USD. He is just concerned about the general adoption of cryptocurrency not reaching out to those in Russia. So that they will not evade the sanctions. I think its the reason why he is still not all in on the new order. But, it'll be difficult to rule Russia out of the cryptocurrency market regarding the decentralized nature of bitcoin or cryptocurrency network.



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Yogee
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March 11, 2022, 08:41:00 PM
 #4

Focus on the "digital version of USD" as I think that will be the final outcome of this "study". They will most likely come up with the same conclusion that it's expensive to produce and used in illicit activities so they will restrict its usage instead of trying to benefit from it. That's when their version of CBDC comes in.

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batang_bitcoin
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March 11, 2022, 08:55:39 PM
 #5

If it has given a consideration at the moment then we can wait until what they really think of bitcoin is. But just after Biden has been elected, I think he has said the same thing.
But just look at the other people in position in the US. They're making a call out that bitcoin should be stopped only for illegal activities and not for the usual transactions that we used to do. Well, this is really a good development.

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March 12, 2022, 08:03:26 AM
 #6

Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.
A couple of years ago this same exact news came out of China when they decided to fight money laundering, etc. and shut down a lot of illegal activities. That news was referred to as "banning bitcoin" and this same exact news is being praised. LOL. Double standards or is China just FUD prone?

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March 12, 2022, 08:48:28 AM
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 #7

But rather than banning cypto Joe Biden administration gave it some real recognition that is worth celebrating. Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.

This executive order signals that at the very least, Biden thinks crypto is a serious and important part of the US economy that have some potential. Hence, he mandated the US financial regulators to update and expand  their scope to address cryptocurrency by studying crypto.

Remember when the U.S. government said they were invading Iraq because they wanted to keep Americans safe from terrorism and WMD's? Or when they began mass surveillance warrantless and without due process, all under the name of safety post 9/11? No, you should not trust that the U.S. government acts in good faith when they tell you that they're just keeping you safe. It's an easy sell to someone that hasn't been involved in these matters, simply convincing them that the measures the government is taking is done with the citizen in mind. Hardly ever is the case, usually is just a power grab.

The executive order essentially paves the way to overregulation and high taxation. It shouldn't come as any surprise that this executive order aligns so closely with abysmal inflation reports coming out of the U.S., the most recent indicating a 40 year high.

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March 12, 2022, 09:32:12 AM
 #8

But rather than banning cypto Joe Biden administration gave it some real recognition that is worth celebrating. Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.

This executive order signals that at the very least, Biden thinks crypto is a serious and important part of the US economy that have some potential. Hence, he mandated the US financial regulators to update and expand  their scope to address cryptocurrency by studying crypto.

Remember when the U.S. government said they were invading Iraq because they wanted to keep Americans safe from terrorism and WMD's? Or when they began mass surveillance warrantless and without due process, all under the name of safety post 9/11? No, you should not trust that the U.S. government acts in good faith when they tell you that they're just keeping you safe. It's an easy sell to someone that hasn't been involved in these matters, simply convincing them that the measures the government is taking is done with the citizen in mind. Hardly ever is the case, usually is just a power grab.

The executive order essentially paves the way to overregulation and high taxation. It shouldn't come as any surprise that this executive order aligns so closely with abysmal inflation reports coming out of the U.S., the most recent indicating a 40 year high.

Yes it is 40 year high and a record level of 7.9% to be correct.This news does not mean anything for Bitcoin yet,mostly it is a move to calm down the citizens while they work out on their "digital USD" and I really hope this does not end like in China where they banned Bitcoin with the argument to benefit more from the "digital yuan",I don't think US is that extreme but I don't see this order as beneficial for Bitcoin yet,maybe if they change mind and tweak it in favor of Bitcoin then we should see some results,for now nothing.

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March 12, 2022, 09:35:29 AM
 #9

President Joe Biden executive order to assess the risks and benefits of creating a central bank digital dollar, as well as other cryptocurrency issues calmed market fears about an immediate regulatory crackdown on cryptocurrencies. But we should have in mind that the order will require the US Treasury Department, the Commerce Department, and other key agencies to prepare reports on this as well as on the role cryptocurrencies will play since they were instructed to assess its risks and benefits.
Lets pray and have hope that their assessment will have a positive and beneficial result for us who loves cypto.
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March 12, 2022, 09:42:12 AM
 #10

So if this is such good news, why's the market not reacting the way it should be? In fact, it broke 42k after the leak, which wasn't even confirmed. Which means the rumor was more valuable than the confirmation, and it's still not able to break 40k resistance.

Of course not that I think market is always reflective but surely if the news is so good, we should be seeing some kind of reaction right?

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March 12, 2022, 09:49:15 AM
 #11

The whole thing basically boils down to "We'll look into it" or "Watch this space".  It doesn't really mean anything yet, neither good nor bad.  I suspect they're being deliberately vague and perhaps just felt they needed to give the impression they were doing something.  
"Looking into it " is the first step even though it doesn't prove any stance  from the Biden's administration on Bitcoin's full adoption, but we all saw the little push in Bitcoin price after his declaration. I think the focus at the moment shouldn't be the fear of centralization but rather more focus should be on the legalization and free to use meaning it can serve the purpose of a normal fiat currency if it gets a full adoption

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March 12, 2022, 11:27:01 AM
 #12

"Looking into it " is the first step even though it doesn't prove any stance  from the Biden's administration on Bitcoin's full adoption, but we all saw the little push in Bitcoin price after his declaration. I think the focus at the moment shouldn't be the fear of centralization but rather more focus should be on the legalization and free to use meaning it can serve the purpose of a normal fiat currency if it gets a full adoption

Looking into it can also be meaning like let's study it first and see what are the advantages and disadvantages we will going to get from it if we will going to use this platform. I don't think kind of declaration of Joe Biden will greatly affect the market price especially if it will going to pump it because I believe the legalization will be the key to pump the price. But so far as of now, let's see what will be the findings of US and let's wait if this will be a good news for crypto platform.

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March 12, 2022, 12:05:07 PM
 #13

So if this is such good news, why's the market not reacting the way it should be? In fact, it broke 42k after the leak, which wasn't even confirmed. Which means the rumor was more valuable than the confirmation, and it's still not able to break 40k resistance.

Of course not that I think market is always reflective but surely if the news is so good, we should be seeing some kind of reaction right?
The reaction came from a rumour. Then there was a pullback. All these statements are usually how the price of Bitcoin is influenced. It should also be noted that the market is not bullish right now and any good news is not taken as well as when the market is rising. In fact, Biden did not say anything that serious. Bitcoin and cryptocurrencies are mentioned regularly in the words of politicians and it does not necessarily have to lead to growth.

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March 12, 2022, 12:11:49 PM
 #14

"MAINSTREAM", that is the correct word which is addressed in here. Joe Biden knows exactly what will happen if they even think about banning the crypto or putting harsh conditions on using them because it is mainstream asset and peeps wont be happy to see them going down in the sink. With the time bitcoin is going to solidify into banks one of the pay mode, could be optional but its gonna be there so they dont option today to loose it all.

Moreover, considering how the economy is going down for USA and worlds economic crisis on the verge, this is best use case of bitcoin to channelise the crypto currencies and pull out some taxes out of it.

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March 12, 2022, 12:25:12 PM
 #15

"MAINSTREAM", that is the correct word which is addressed in here. Joe Biden knows exactly what will happen if they even think about banning the crypto or putting harsh conditions on using them because it is mainstream asset and peeps wont be happy to see them going down in the sink. With the time bitcoin is going to solidify into banks one of the pay mode, could be optional but its gonna be there so they dont option today to loose it all.

Moreover, considering how the economy is going down for USA and worlds economic crisis on the verge, this is best use case of bitcoin to channelise the crypto currencies and pull out some taxes out of it.

They are seeing that banning will not do any good to this market because it can exist even without the participation of the government. So instead, better regulate it, in order to get some income out of it. The regulation may not curb other fraudulent activities but it will boost the confidence of other noncrypto users to trust this industry. If the government is already part of this, they won't think that crypto is still a scam or of that sort. With or without the government, crypto will exist. So it is not their best interest to just ignore this growing market.
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March 12, 2022, 02:45:04 PM
 #16

Before this long awaited document was released, many economic analyst has predicted a crackdown on the crpto industry.
This could still happen [unfortunately]!

Instead of becoming a problem to Bitcoin, Joe Biden became a solution, as he has ordered federal agencies to dig into many of the problems that crypto created as it became more mainstream, including its role in money laundering and terrorist groups.
I wouldn't be so sure about something that could change quickly [looks can be deceiving]!

He wants the government to study ways to make crypto innovation more “responsible,” reducing any negative climate impacts.
In other words, they're just going to use that as an excuse to get more from miners while doing little to nothing for the latter part!

Rather, he’s calling on the government to place “urgency” on research and development of a potential CBDC.
Such things are never going to be good news for BTCitcoin [regardless of its inability to directly affect BTCitcoin].

He is just concerned about the general adoption of cryptocurrency not reaching out to those in Russia. So that they will not evade the sanctions.
Apart from leading to collateral damages [e.g. innocent users], realistically, they're not going to succeed completely [even with the help of other countries]!

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March 12, 2022, 03:11:07 PM
 #17

So if this is such good news, why's the market not reacting the way it should be? In fact, it broke 42k after the leak, which wasn't even confirmed. Which means the rumor was more valuable than the confirmation, and it's still not able to break 40k resistance.

Of course not that I think market is always reflective but surely if the news is so good, we should be seeing some kind of reaction right?
The reaction came from a rumour. Then there was a pullback. All these statements are usually how the price of Bitcoin is influenced. It should also be noted that the market is not bullish right now and any good news is not taken as well as when the market is rising. In fact, Biden did not say anything that serious. Bitcoin and cryptocurrencies are mentioned regularly in the words of politicians and it does not necessarily have to lead to growth.

But that's kind of what I was asking, if the rumor makes the market react well, why doesn't the confirmation have the same effect? Regardless of whether the market is bullish or not and I agree, it's for sure bearish, why does the same news have an impact as a rumor and not as a fact I wonder.

Anyway, moving on, point is there was nothing solid to actually move the markets up. Sucks.

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March 12, 2022, 05:26:13 PM
 #18

...

IMO the end goal is implement a fed coin or a CBDC equivalent so that the money supply can be controlled instantaneously and with less oversight. In order to accomplish that, they want to remove crypto as a competitor to USD. It won't be an outright crypto ban, they will just set up a tax structure which drives out institutional investors completely. The government is well aware they can't get involved and ban p2p crypto transactions, so they would elect for the next best thing which is excessive taxation.

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March 12, 2022, 05:51:50 PM
 #19

The recognition is already there, but IMO it will only be recognition and acknowledgment that cryptocurrencies exist and no other actions will be done yet. It is a good start coming from the president of the United States himself, though it's a different story when the wheels start turning and something finally happens. It might take a while, but for sure the road is being paved for that right now. Hopefully it won't take long. A lot of bit players in the world have already expressed that they're already into crypto, and it's about time for the US gov't to play ball.

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March 12, 2022, 06:49:27 PM
 #20

Well my take on this is the government are taking a look at crypto in a positive way not their previous aggressive and distasteful way, i see it as a step towards accepting btc in the future, which of course will result to regulations,  a lot of people already expect that and are of the opinion that regulations are required for mass adoption, i think this brings some form of relief knowing what the executive order is all about.
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