The United States (United States of America) has taken a favourable position toward Bitcoin and other digital currencies. The price of Bitcoin rises as a result of this.
The United States is experiencing the exact reverse of what is happening in China, which is attempting to close as many doors as possible to bitcoin and other digital assets. The chairman of the United States Federal Reserve, Jerome Powell, has stated that the United States does not intend to ban Bitcoin and other cryptocurrencies.
Chairman of the Federal Reserve, “We have no intent to ban cryptocurrency”pic.twitter.com/OasIksRODd
— Documenting Bitcoin 📄 (@DocumentingBTC) September 30, 2021
The decision has had a positive impact on the price of Bitcoin. What would have happened if Powell had said the opposite? The course would have looked completely different. Bitcoin is up a few percent this morning, putting it on the verge of reaching $45,000 in value.
It is not a green light for cryptocurrency to spread like a weed over the United States. Powell, for example, contends that government regulation is necessary to preserve some kind of control. This does not necessarily imply a bad connotation. After all, normal currency is similarly governed by laws and regulations. It is exactly because of government regulation that cryptocurrency has become less appealing to criminals and more appealing to businesses looking to capitalise on it. We should thus not anticipate a ban on Bitcoin and other cryptocurrencies from the United States. It’s good news for anyone involved in cryptocurrency, or who wants to get involved in cryptocurrency.