‘Alarm Bells For Crypto’—Leak Reveals Joe Biden Could Be About To Issue a Game-Changing Executive Order And Trigger Bitcoin Price Chaos
Bitcoin and the wider crypto market have experienced a tumultuous year, with various factors contributing to uncertainty and volatility. From a U.S. crackdown on cryptocurrencies to concerns over the Federal Reserve’s handling of Bitcoin, investors have been navigating a rollercoaster ride in the market. In order to successfully navigate these challenges and stay ahead of the curve, subscribing to Forbes’ CryptoAsset & Blockchain Advisor could be a valuable resource.
One of the key factors impacting the price of Bitcoin is the current stagnation under $30,000 per bitcoin. This is partially due to fears that the U.S. government is engaged in a covert war against the crypto industry. Additionally, the potential influence of technology giants like Microsoft and Elon Musk could further disrupt the market.
Adding to the uncertainty, a recent leak suggests that U.S. President Joe Biden may issue an executive order on artificial intelligence (AI) that could have serious implications for Bitcoin and the broader crypto industry. The leak indicates that companies such as Microsoft, Google, and Amazon may be compelled to disclose the extent of customers’ computing resource usage. With mining Bitcoin, developing video games, and running AI models all requiring significant computing power, this executive order could have far-reaching effects.
The report also characterizes computing power as a “national resource” and raises concerns that engaging in crypto-related activities could be seen as depleting this resource, potentially diverting attention and talent from other applications. If this perspective takes hold, it could lead to increased pressure on cloud service providers that cater to the crypto industry. Alexander Grieve, Head of Government Affairs at Paradigm, warns of a potential situation akin to “Operation Choke Point” for computing power.
The crypto market has experienced upheaval in recent years, with ongoing concerns surrounding regulatory issues. Some in the industry have likened the traditional financial sector’s retreat from crypto to “Operation Choke Point 2.0.” This term references a previous U.S. Department of Justice initiative aimed at discouraging banks from working with high-risk businesses. Binance CEO Changpeng “CZ” Zhao recently issued a warning about a potential resurgence of such pressure from regulators.
In a year marked by uncertainty, subscribing to Forbes’ CryptoAsset & Blockchain Advisor could provide invaluable insights and guidance for navigating the market. From regulatory developments to the potential impact of AI executive orders, staying ahead of the curve is crucial. As investors prepare for the upcoming historical bitcoin halving, the free CryptoCodex daily newsletter can provide traders, investors, and the crypto-curious with the essential information needed to successfully navigate the market.
