The Big Idea
Bitcoin spiked Tuesday night into Wednesday after news leaked of a White House statement about cryptocurrency. The statement was positive, which caused BTC to shoot higher. But the whole “dance” between crypto and Washinton is getting a bit out of hand, and I’ll tell you why.
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The View
For as long as cryptocurrency has existed, and certainly as its popularity has grown, there has been a nagging fear at the back of crypto investors’ heads.
They’re concerned that sometime, somewhere, the government could step in and shut the whole crypto world down.
It’s kind of like those “doomsday preppers” who build bomb shelters full of military rations waiting for an armageddon that will never come.
The Federal government shutting down crypto isn’t a realistic outcome, but some people worry about it all the same.
That’s why the White House statement yesterday caused a spike in BTC.
You can read the whole statement here, but essentially, the WH is promising to take a more active role in regulating digital currencies.
You might think that would spook the “prepper” types in the crypto community, but the overall sentiment of the statement was positive enough that it put the crypto world at ease.
In other words, it was another assurance that Washington isn’t going to swoop in and pull the plug altogether.
It’s all a little bit of a strange dance, really.
The crypto folks should know by now that we’re way too far down this road for anyone to actually pull the plug and end this thing.
And Washington should recognize that one of the main advantages of crypto is the limited government oversight into how it functions.
But there is always going to be this strange back-and-forth between the two parties. They don’t know how to quit each other.
Even so, the statement just goes to further prove that we’re in the Age of Adoption, where crypto will continue to become more and more legitimate and mainstream and therefore the value will continue to rise.
So it’s a good day for digital currencies overall.
Hope you have a great end to your week,
Jeffry