Peek-A-Boo Executive Order Boosts Bitcoin

Whoa… What was that??

Government beans were spilled when a press release dated March 9th was published on March 8.

A look at the Department of the Treasury page now looks like this:

A key takeaway of the report was that the US government would “support responsible innovation” involving cryptocurrencies. Traders zeroed in on the word “support” which provided plenty of fuel to launch Bitcoin, yet again, to continue its volatile dance of pumps and dumps over the last month. As of now, it’s still up from the time of the press “leak”, at around $42,500. Altcoins followed Bitcoin’s bounce, in tow.

Ethereum especially benefited from this ill-timed release as it had been sinking, holding just above the $2,200.00 danger zone . It is now comfortably back above water at $2,751.00

Most altcoins, if not all, have surged and are now slowly correcting. Fantom(FTM) has underperformed the market-wide rally, investors and traders still reeling from the news of Andre Cronje “leaving crypto.”

Metaverse cryptos also continue to underperform, but are adding strength to their lower levels of support.

Terra Luna is near an all time high at $99.50 and Near Protocol is up 14% to $11.27

Before the Biden Executive Order ‘leak’, the market had been in extreme fear and it seemed that at any moment it would lose its footing and plunge down to capitulation levels.

It has been very hard to get a bead on what the Biden Administration is planning for crypto. Senator Elizabeth Warren, labeled ‘Pocahontas’ by former President Donald Trump, has been on a war path with crypto and been very vocal about a perceived threat from cryptocurrencies and how she believes they are ‘harmful’ to the environment. Hillary Clinton who is known to have deep ties to the banking sector has also been extremely critical of Bitcoin and other proof-of-work blockchains for their insatiable appetite for energy, casting them in evil light, like a vampire out for investor blood.

Trump too has questioned Bitcoin’s rise and is concerned it “competes with the dollar.” Trump is also fond of saying “crypto is gonna end badly.” We all know that as the election nears, Trump will surely flip-flop to support Bitcoin as soon as the crypto lobby antes up.

Republicans on the other hand, lead by Senator Ted Cruz, have been mostly supportive of crypto as it is important for the United States to continue to embrace the technology that is underlying the cryptocurrencies. Texas aims to be a hub for crypto mining even as its oil and gas fields roar back to life following the ban on Russian oil. Texans probably are now more ecstatic about the incredible surge of West Texas Intermediate than they are in Bitcoin however…

Any outlandish move against crypto by the Biden Administration will be seen as reckless and destructive to America’s dominance in tech.

Democrats now realize that if their party gets labeled as the ‘party that killed crypto’, the future election ramifications could be so severe that it might be best to not meddle too much with this budding sector.

Hopefully the Biden Administration realizes that ‘crypto’ is no longer just; energy consuming Bitcoin, “high gas fees”, shitcoins and scams, but also it is; ‘trust’, new rails to donate, banking for the disenfranchised, web3.0, the metaverse and could, perhaps one day, bring about world peace.

But as Morrissey is fond of saying, “world peace is none of your business.”