Joe Biden Executive Order Lifts Bitcoin And Other Cryptocurrencies Prices To Highs This Month

US President Joe Biden orders US financial institutions to analyze cryptocurrencies. (photo: twitter @potus)

JAKARTA – Bitcoin prices surged again on Wednesday, March 9. This was triggered by the decision of the US President, Joe Biden, who signed an executive order requiring US government agencies such as the Central bank to assess the benefits and risks of creating digital dollars and other cryptocurrency issues.

This executive order has the potential to expand the adoption of digital currencies in the US financial system.

Biden's order also requires the Treasury, Commerce Department, and other key agencies to prepare reports on the "future of money" and the role of cryptocurrencies.

"With the recent sanctions regime in place, as a result of the war in Ukraine, it is critical that we have a regulatory framework for digital assets that counters illicit finance, and prevents risks to financial stability and national security," said Michael Pierson, managing partner at the law firm FisherBroyles, as quoted by Reuters.

The White House last year said it was considering broad scrutiny of the cryptocurrency market, including issuing executive orders, to deal with the growing threat of ransomware and other cybercrimes.

In midday trading, bitcoin was up 9.1% to $42,280 per coin. It was the biggest percentage increase since February 28.

Smaller ether peer, a coin connected to the Ethereum blockchain network, rose 6.3% to USD 2.740 (IDR 39.1 million), their highest gain this month.

“At 21Shares, we have always believed that the best way to introduce and expose investors to cryptocurrencies is through a secure and regulated approach,” said Hany Rashwan, chief executive officer and co-founder of 21Shares, the world's largest crypto exchange provider.

"Today's actions will help the US establish itself as a leader in crypto for years to come," added Rashwan.

U.S. exchange-traded funds (ETFs) that track bitcoin futures that gained regulatory approval late last year also surged. The ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF surged 9.8% and 10.2%, respectively, in early trading.