Despite the spreading of such information online, it appears Joe Biden and the rest of the White House staff have no plans, currently, to convert the U.S. dollar (USD) into a digital asset.
Biden Won’t Go the Crypto Route
White House assistant press secretary Robyn Patterson explained in a recent interview:
There are no plans to convert the U.S. dollar into a digital asset.
The discussion about whether Biden would take such action goes back to the crypto executive order he signed in March of last year. In that order, it was stated that officials of the American government were to examine the crypto arena and study both the advantages and disadvantages to see about implementing appropriate (and safe) trading methodologies. However, several posts online have made the following claim(s):
Breaking news! President Joe Biden unveils executive order EO-14067, a groundbreaking move that transforms the U.S. dollar into a cryptocurrency. This announcement has profound implications for the financial landscape.
It’s odd that anyone would try to spread such a rumor given how anti-crypto Biden has truly been over just the past few months alone. Since entering office, it appears Biden has worked especially hard to try and make the lives of both traders and investors difficult.
For example, just a few months after his inauguration, Biden signed a trillion-dollar infrastructure bill into law. While the word “infrastructure” would imply the rebuilding or the fixing of the nation’s hospitals, roads, schools, and highways, it turned out that the bill was simply a front to cover specific crypto-related verbiage and the administration’s attempts to drain traders’ pockets even further every April 15 (Tax Day in America).
In addition, Biden has also tried to impose a 30 percent tax on all crypto mining companies (this failed following debt ceiling negotiations). He has also sought to implement an Obama-era policy that would ultimately disallow all crypto and blockchain companies in the U.S. from garnering access to products in the traditional finance arena (i.e., bank accounts).
Many Are Working in the Opposite Direction
It has become clear that Biden and his cronies are none too pleased with the prospects of crypto (probably because they cannot control the space), and as such, there are now several candidates in the 2024 presidential race that are working towards the other end of the spectrum. While Biden is very anti-crypto, they are working to ensure it has a strong place in the future of America.
One example is Robert F. Kennedy Jr., a democrat looking to take the nomination from Biden next year. He has said that should he win the White House at the end of 2024, that he will ensure there is never any government interference when it comes to bitcoin holdings, and traders can invest as they deem fit.
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