The price of Bitcoin rose shortly after President Joe Biden announced he signed an executive order that seeks to find ways to regulate cryptocurrency.
Driving the news: Biden announced Wednesday that he had signed a new executive order that will allow government agencies — like the Treasury Department — to develop policies and regulations for cryptocurrency, as I wrote for the Deseret News.
- The executive order asked the State Department to make sure cryptocurrency laws match with similar crypto laws of U.S. allies from across the world, per The Associated Press.
- The regulations are seen as a step toward reaching regulation of cryptocurrency, potentially normalizing it in our society.
What happened: Cryptocurrency investors bought up Bitcoin after it had reached low prices, snatching up coins after Biden’s announcement.
- Per CNBC, bitcoin’s price rose 8% after Biden’s announcement.
- Another popular cryptocurrency, called ether, saw a sharp jump as well.
What they’re saying: “(It’s) unequivocally bullish for the crypto ecosystem over all timeframes,” said Travis Kling, CEO at Ikigai Asset Management, according to CNBC. “It’s easy to lose sight of how much ground this ecosystem has covered in the last two years in terms of legitimacy and stance from the U.S. government, but this E.O. makes it clear the U.S. government is not banning crypto, it is embracing it.”
