‘Bitcoin Vs. The Dollar’—Biden Administration Suddenly Declares U.S. Crypto ‘Emergency’ After Huge Price Surge
The Biden administration has issued an "emergency collection of data request" to those that secure the bitcoin network, sparking a battle between bitcoin and the U.S. dollar.
Bitcoin Price Surge and Biden's 'Emergency' Declaration
The bitcoin price has skyrocketed to over $43,000 per bitcoin, marking a 200% increase from its recent lows of $15,000. This surge comes after a devastating price crash and Shark Tank billionaire Mark Cuban's revelation of his new bitcoin investments.
In response to the growing influence of bitcoin and crypto, U.S. president Joe Biden's administration has declared an "emergency collection of data request" for those who secure the bitcoin network. This move has fueled the perception of a battle between bitcoin and the U.S. dollar.
As the historical halving of bitcoin approaches, which is expected to cause crypto price chaos, investors are encouraged to subscribe to the free CryptoCodex daily newsletter to stay ahead of the market.
Emergency Probe into Bitcoin Miners' Energy Usage
Under president Joe Biden, the Energy Information Administration (EIA) has launched an emergency probe into the energy usage of bitcoin and crypto miners. The EIA will collect data on their energy use, focusing on how the demand for cryptocurrency mining is evolving and the sources of electricity used.
The data collection request has been authorized by the Office of Management and Budget due to concerns of potential public harm from bitcoin mining and its high energy consumption. The move has raised fears of a government crackdown on the bitcoin mining industry.
This recent development has reignited concerns about the Biden administration's stance on bitcoin, with some members of the crypto community fearing a potential threat to the digital asset sector.
Bitcoin's Role in the Decline of the U.S. Dollar
Bitcoin's increasing popularity is seen as a threat to the U.S. dollar, especially with the significant increase in the supply of dollars and U.S. debt during the Covid-19 pandemic. Many bitcoin supporters believe that the collapse of the U.S. dollar is imminent.
The tech community argues that the decline of fiat currencies against the dollar, coupled with the rising value of bitcoin, makes the battle between Biden and Trump less significant compared to the battle between bitcoin and the dollar. They see bitcoin as the internet election and believe it is more important in the long run.
As the debate between bitcoin and the U.S. dollar continues, it remains to be seen how the Biden administration will address the growing influence of cryptocurrencies and their impact on traditional financial systems.
