The community was optimistic about the regulation since it made clear the government would not ban Bitcoin. The executive order states citizens will continue to seek crypto assets for advantages like the speed and anonymity of their transfers.
US president Joe Biden recently signed an executive order to regulate Bitcoin (BTC) and other cryptocurrencies. The community immediately started to comment on the document, whose announcement in October had raised high expectations.
The community was optimistic about the announcement, as the Biden administration legitimized the industry through that regulation. It makes clear the government does not plan to ban Bitcoin or cryptocurrency mining as happened in China in 2021.
All the optimism about the order led some people to attribute the rally in the Bitcoin price to government action. However, the community also analyzes whether the document is positive or negative for the ecosystem.
Renowned bitcoiner Matt Odell stated it is impossible to interpret the Biden executive order as a law not requiring approval of Congress. He said that usually happened with those documents, which he considers not worth discussing.
Bitcoin developer Matt Corallo pointed out that the executive order only allows understanding the need for information. He added the community should participate in the research for the reports, along with the laws and regulations deriving from them.
There Is Debate between Accepting or Rejecting BTC in the United States
Robert Kiyosaki recently said he was sure the executive order signed by Joe Biden would launch a new era for crypto assets. The author of the book Rich Dad Poor Dad thinks the government will seize the funds in Bitcoin or Ether (ETH) of citizens.
Kiyosaki added that they might refer to cryptocurrency holders as criminals or communists, aiming to promote their CBDC.
However, cryptocurrency market analyst Jan Wüstenfeld disagrees with Kiyosaki, saying that the United States views Bitcoin as a crucial tool.
Nigel Green, the CEO of deVere Group, is among those who believe that the Biden executive order on cryptocurrencies is historic.
Green thinks it is impossible to avoid crypto assets in this increasingly digital world. Since technology drives how people live, work and do business, it is sensible to have digital money.
The CEO highlighted that the largest economy in the world decided not to ban cryptocurrencies. He explained that that led them to create a coordinated and comprehensive approach to digital asset policy.
For Green, the executive order underlines that world citizens will continue to seek cryptocurrencies for the advantages they offer. These include the convenience and speed of transfers with them and anonymity.
He compared Bitcoin with the digital dollar, which would allow the government to track all transactions. He said that that would give Washington further powers to control how people use their money.
The Bitcoin ecosystem had been waiting for the Biden executive order for months. The government decree will request federal agencies to coordinate their work in the cryptocurrency sector. However, it does not establish specific positions the administration wants them to adopt on those assets.
By Alexander Salazar
