Why Joe Biden's executive order matters for the crypto industry
The United States has been looking to regulate cryptocurrencies for a long time now. Find out what president Joe Biden has in store for the crypto industry.
Why Joe Biden's executive order matters for the crypto industry
The United States of America is a significant part of the economy. If they make a monumental move, you can expect that the rest of the world will follow suit. With that being said, US President Joe Biden signed an Executive Order aimed at cryptocurrency in early March 2022 that can be impactful.
With an Executive Order, you should expect that Biden has acknowledged the crypto market and he has seen people gush about it too. This is key for the growth of any financial market because if world leaders like Biden have acknowledged it, you should expect that the rest of the world will follow.
The content of the EO is crucial
Under Biden’s EO, he is directing the US Department of Treasury and other federal agencies to study the impact of cryptocurrency on financial stability and national security. This is huge because it shows that the government is interested in making cryptocurrency a part of the mainstream market.
While Bitcoin’s price went down, the EO shows a good future for crypto acceptance around the world because the US is a significant part of the world economy. As the CEO of Wachsman PR, David Wachsman had good insight into what Biden’s EO means.
He said, ‘Joe Biden just gave crypto companies the green light to exist. What they have to do now is behave responsibly’.
The White House themselves alluded to how the financial system will thrive even more with crypto as a centrepiece. With more studies being made into cryptocurrency, it is a big deal that it is now officially recognised by the authorities and its potential is through the roof.
More people will understand the blockchain
If people understand the blockchain, the crypto market will thrive. It has already reached an all-time high back in 2021 but having more people who are looking into blockchain will be crucial for the long-term future. While regulation is still far away, knowing that the blockchain will be recognised is a huge deal because more people will be less judgemental and better informed.
The blockchain itself is not only contained to the digital ledger that it’s known for but also its technology. The blockchain-based tech will be crucial to the crypto market’s future as it keeps growing into the mainstream sphere. It is constantly improving and as it grows, more people will be drawn to it because of the valuable research that has been done.
The market’s potential can be met
Wachsman also made a good point regarding how Biden’s outlook on crypto is a progressive one. The PR CEO said, ‘We just heard Joe Biden say that cryptocurrencies can be important for the future of the U.S. economy. And he didn't just mean the rich people on top, the investors. He meant the middle class and the working class’.
As more people get into crypto, you should expect that every facet of the market will thrive. This includes non-fungible tokens and even the bitcoin casino games like slots and roulette.
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Words: Pocholo Magsino
