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Bitcoin Surges After Biden’s Crypto Executive Order

The price of Bitcoin has jumped almost 9 per cent, after President Biden announced an executive order to study cryptocurrencies, ahead of possible regulation.

The order, Ensuring Responsible Development of Digital Assets, will see various areas of government ready reports on cryptocurrencies and consider regulations.

It also seeks to explore the possibility of a digital dollar, and the legislation such a move would require.

All this chatter saw Bitcoin, the world’s largest cryptocurrency, rise to US$41,910 overnight.

“We applaud the White House for recognising this as a defining moment for U.S. innovation on the world stage,” said Faryar Shirzad, chief policy officer at the largest U.S. crypto exchange, Coinbase.

“We look forward to continuing our work with regulators and lawmakers.”

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