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Cryptogambling / Biden Administration’s Unexpected Focus on Bitcoin Mining Amidst Economic Uncertainties

Biden Administration’s Unexpected Focus on Bitcoin Mining Amidst Economic Uncertainties

Publish Date: 05/02/2024
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Bitcoin mining is a significant concern for governments during Biden’s presidency, as well as upcoming elections. The EIA has been given permission by the Office of Management and Budget (OMB) to approve an emergency data-collecting request on January 26. The EIA’s investigation aims to gather data on electricity usage patterns and assess potential strain on the national grid.

Those who mine Bitcoins will be required to respond with information on the amount of energy they utilize. This will include those who utilize powerful computers to validate transactions and maintain the blockchain in return for newly created currency. The Bitcoin mining business has also been criticized for its massive energy usage, which some sources say might be close to that of certain small countries each year.

This decision is seen as Bitcoin against the US currency conflict. The move comes as concerns rise over the significant increase in the US debt and potential dollar devaluation, leading some investors to turn towards cryptocurrencies like Bitcoin.

Bitcoin vs Dollar – Who Wins?

The recent price surge in Bitcoin has led some investors to question the future of traditional currencies, particularly the US dollar, which has seen a massive increase in supply due to pandemic-related measures.

According to Forbes, Bitcoin supporters are becoming increasingly convinced that the US dollar will soon collapse. The issues are a result of the COVID-19 pandemic’s enormous surge in debt and financial amounts. Bitcoin has exceeded the $43,000 mark per unit, marking an impressive surge of approximately 200% from its recent low of $15,000. This surge comes amid a declaration by a Wall Street legend proclaiming the demise of the US dollar.

Potential Impact on the Bitcoin Mining Industry

The sudden focus on Bitcoin mining’s energy consumption could raise concerns within the community regarding potential regulatory measures or crackdowns. Florida Governor Ron DeSantis previously warned about the Biden administration’s intention to target Bitcoin and crypto industries.

Further, previous records show that Bitcoin prices have never fared well in turbulent markets or uncertain macroeconomic situations. If the debt default occurs in 2025, a fall in bitcoin values may result from panic selling and big trading liquidations.

Bitcoin vs Fiat: Decentralized Alternative?

In a volatile economy and uncertain macroeconomic conditions, some investors may prefer decentralized assets like Bitcoin as an alternative to traditional fiat currencies. Market players could potentially shift their funds away from central authorities, leading to increased demand for cryptocurrencies and potential price increases.

Strike founder Jack Mallers explained that a potential fiat currency devaluation might force people into seeking out decentralized assets like Bitcoin.

Biden Administration’s Position on Crypto

While it is unclear whether the Biden administration will be a strong supporter of cryptocurrencies, this sudden focus on Bitcoin mining energy consumption raises concerns about potential future regulations.

Crypto enthusiasts and investors are closely monitoring developments regarding the government’s stance toward digital assets. Despite the potential challenges, Bitcoin remains an attractive option for many investors seeking decentralization and protection against macroeconomic uncertainties. One in five Americans now own digital assets, with 52 million people investing in cryptocurrencies as of 2021, according to Forbes.

Voters who use or support cryptocurrencies could potentially impact the outcome of key elections. The Biden administration has expressed that they may not be as strong of a proponent of cryptocurrencies as they formerly thought. Though the power usage of Bitcoin mining is a topic of debate, the data collection occurs just before the election.

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