News Cryptocurrencies Surge After Supportive US Executive Order

[Admin]

President Biden signed an order that may lead to expanded use and adoption of virtual currencies. Treasury and Commerce departments asked to look closer at role of crypto in "the future of money."

Cryptocurrencies Surge After Supportive US Executive Order : Read more

 

[bigdragon]

I find it strange that BTC and ETH would be up so much given that the government is discussing creating a rival currency. I don't see much in terms of government endorsement or promotion of existing cryptocurrencies. Looks like they want to clamp down on the existing crypto options while producing a totally new one. I would expect that to be a threat to BTC and ETH.

 

[cryoburner]

I find it strange that BTC and ETH would be up so much given that the government is discussing creating a rival currency. I don't see much in terms of government endorsement or promotion of existing cryptocurrencies. Looks like they want to clamp down on the existing crypto options while producing a totally new one. I would expect that to be a threat to BTC and ETH.

Exactly! It's hilarious that cryptocurrency values would climb when this news seems all about heavily restricting them. The primary draw of cryptocurrencies over other digital payment options is hiding monetary transactions from authorities, which is undoubtedly what these government departments already know going into this. Hardly anyone is using crypto to pay for general goods and services. It's all about money laundering, tax evasion and illicit purchases. And of course, speculative gambling over its arbitrary value.

It also seems rather convenient that this order comes at a time when people are talking about the potential for Russia to bypass sanctions through crypto, something they would want to make as difficult as possible.

Add to that the high energy inefficiency of these systems, which the current liberal-controlled administration is likely to frown upon, and crypto looks like a riskier investment than ever.

I think what these gains really are is big investors trying to momentarily pump up the value to encourage others to toss money in before dumping their investments at the first sign of the big plunge. And their automated trading systems will be sure to get out before smaller investors have a chance to react.

 

[Blackink]

I think what these gains really are is big investors trying to momentarily pump up the value to encourage others to toss money in before dumping their investments at the first sign of the big plunge. And their automated trading systems will be sure to get out before smaller investors have a chance to react.

B-I-N-G-O.......!!!

 

[digitalgriffin]

That US order is not supportive. The US are looking to replace it with their own crypto currency which can be tracked, controlled, and taxed. This means Bitcoin and all the other coins will virtually be worthless. And during an energy shortage, we might do a china and outlaw mining in the USA even on renewable resources. (They are examining energy use also)

 

[spongiemaster]

That US order is not supportive. The US are looking to replace it with their own crypto currency which can be tracked, controlled, and taxed. This means Bitcoin and all the other coins will virtually be worthless. And during an energy shortage, we might do a china and outlaw mining in the USA even on renewable resources. (They are examining energy use also)

Yes, it is. It means the US gov't is not opposed to the concept of cryptocurrency and that there are no plans to blanketly outlaw it.

 

[digitalgriffin]

Yes, it is. It means the US gov't is not opposed to the concept of cryptocurrency and that there are no plans to blanketly outlaw it.

Okay let me rephrase it then, it will likely come out NON supportive of EXISTING crypto's. Remember what I said, "Government loathes what it can't control" If the US government creates it's own crypto, it will likely put regulations in place to limit other crypto currencies to encourage adoption. They will limit other currencies because of money laundering, illicit goods, tax evasion, and power requirements (environment)

What do you think will happen to the value of bitcoin/eth if you can't exchange it for greenbacks? I'm personally fine with a gov't based, regulated, and BACKED crypto PROVIDED each transaction is traceable, and has low power requirements not based on POW algorithms.

At the very least if energy concerns aren't an issue, crypto will be put under such heavy regulations that only banking institutions with a clear trail of money and exchanges will be able to handle it so it can be tracked and taxed appropriately. Thus negating one of key benefits of crypto for many. (Anti-govt regulation) Coinbase and the like would likely not get gov't approval as a banking institution. The regulations they put into law about transactions make it almost impossible to enforce with so many small exchanges.

 

[spongiemaster]

Okay let me rephrase it then, it will likely come out NON supportive of EXISTING crypto's. Remember what I said, "Government loathes what it can't control" If the US government creates it's own crypto, it will likely put regulations in place to limit other crypto currencies to encourage adoption. They will limit other currencies because of money laundering, illicit goods, tax evasion, and power requirements (environment)

What do you think will happen to the value of bitcoin/eth if you can't exchange it for greenbacks? I'm personally fine with a gov't based, regulated, and BACKED crypto PROVIDED each transaction is traceable, and has low power requirements not based on POW algorithms.

At the very least if energy concerns aren't an issue, crypto will be put under such heavy regulations that only banking institutions with a clear trail of money and exchanges will be able to handle it so it can be tracked and taxed appropriately. Thus negating one of key benefits of crypto for many. (Anti-govt regulation) Coinbase and the like would likely not get gov't approval as a banking institution. The regulations they put into law about transactions make it almost impossible to enforce with so many small exchanges.

It took more than 10 years to complete the most recent redesign of the $100 bill. In 2016 it was announced that Harriet Tubman would be on the new $20 bill. As of 2021, Treasury Department doesn't even have a design yet and has said any new security features will take 6 to 10 years to develop and test before they are ready for circulation. If the US Gov't decides to implement its own digital currency, we are years and years away from seeing it. No one is cashing out on Bitcoin because of the announcement of this study.