Bitcoin goes crashing. I don’t know what happens to everything else. I would hope the attention gets distributed and the Real Crypto Race actually begins.
The America Competes Act
SEC. 30132. REPORT ON IMPORTANCE OF AMERICAN FINAN18 CIAL STRENGTH FOR GLOBAL LEADERSHIP.
19 (a) SENSE OF CONGRESS.—It is the sense of Con20 gress that—
21 (1) the dominance of the dollar as the global re22 serve currency has yielded significant benefits to the
23 United States and the American people by allowing
24 the United States to maintain economic independence 1 ence, better control its monetary policy, and finance
2 government outlays;
3 (2) American global leadership has benefited
4 from the United States monetary stability, credit5 worthiness, deep capital markets, and financial tech6 nology innovations;
7 (3) effective diplomacy and safeguarding of
8 American national security rely on the United States
9 role as the global financial leader, hub of global
10 trade, and source of economic opportunity;
11 (4) by cracking down on dissent in the key fi12 nancial center of Hong Kong, driving the creation of
13 a technology focused stock exchange, and pushing
14 forward a Central Bank digital currency, the Peo15 ple’s Republic of China is attempting to become the
16 leading hub of finance in the world; and
17 (5) the United States must maintain its posi18 tion as a global financial leader to continue its
19 broader global leadership role around the world.
Could you imagine that after The Executive Order Bitcoin skyrockets to the moon? All the while the holders of bitcoin giving the middle finger to the Federal Reserve, The dollar, Even The President who signed the order?
I don’t think so
*This is not financial advice
The America Competes Act.
I am struggling to understand the point of this post)
There’s an Executive order coming up concerning cryptocurrencies in the U.S.
I am speculating what is going to be the result of the order.
“take for what it’s worth” I am giving a prediction that Proof of work will be banned. Bitcoin goes crashing down.
In the result of that I would imagine that people who are interested in Cryptocurrencies would divert their attention to the other prospects. *Hopefully ADA.
I’m sure there will be a lot more detail than my “wise guy” assessment but that’s what I see.
I also copied and pasted a segment of the America Competes Act.
As I am interpreting it. It states that The Dollar serves in the best interest of the U.S to be the World’s Reserve Currency
In between the lines.
I can’t imagine The President signing a bill that would give the popularity of bitcoin a green flag to Go Up and undermine the dollar.
We have an Election in November and I don’t think it’s wise to have “will bitcoin replace the dollar?” be a subject.
I see some far right candidates backing the idea as some democrats but there is so much going on i think it would be another catalyst to be divisive.
I think a pow ban will serve in the overall interest of the cryptocurrency community and show are commitment for the environment.
After the “Heavy Weight Champ” goes down. It will change the culture of how people approach and talk about cryptocurrencies. A lot less speculative and more fundamental.
If all the details are right, the tech community and those interested or have interest will love the decision. A good order could give support to the president and his circle.
*on January 20th there was an oversight hearing that concerned proof of work and its environmental impact. I think it was on the 21st that bitcoin started to go down to where it reached 33k or something.
I don’t know if you knew but New York’s mayor became a huge Bitcoin and Ethereum advocate by accepting his first three paychecks in the cryptocurrencies. Either yesterday or before He came to find out he is against bitcoin mining because its environmental impact. I think the same will hold true with the president and the majority of other federal institutions and lawmakers.
NY City Mayor Eric Adams Talks Down Bitcoin (BTC) Mining (yahoo.com)
NYC Mayor Eric Adams says he’s against crypto mining (nypost.com)
I knew that. More and more legislatures and public figures will start accepting cryptos.