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US President Joe Biden released the government’s economic report on Monday, in which Bitcoin plays a major role. BTC is mentioned as many as 75 times in the report, which attempts to denigrate Bitcoin and promote a Central Bank Digital Currency (CBDC) of the United States as the better solution.
In the section titled “The Perceived Appeal of Crypto Assets,” the White House spends many pages describing how Bitcoin works before denying the leading cryptocurrency the function of money by definition. Notably, BTC allegedly fails to fulfill two out of three characteristics of money.
“Bitcoin Is Not Money”
First, the report cites that Bitcoin does not meet the characteristics of a unit of account because the values of goods and services are not denominated in BTC, but in US dollars, and a conversion is required. Addressing the question of whether Bitcoin can serve as a medium of exchange, the White House writes that BTC is “not as effective a medium of exchange” as the US dollar.
“The strength of the U.S. dollar is derived from several important factors, such as faith in government institutions and the legal system, but cryptocurrencies lack these factors, “the report said. Third, the report also denies BTC the characteristic of a store of value due to its “significant volatility.”
For example, the value of a Bitcoin (relative to the U.S. dollar) increased by over 1,000 percent from March 2019 to March 2021, and then decreased by over 70 percent from November 2021 to October 2022. This volatility means that anyone who is using Bitcoins to store their savings is subject to high-volatility risk in their purchasing power.
For Bitcoiners, the accusations should be more than flimsy given the massive devaluation of the USD against Bitcoin, record high inflation, the US banking crisis, bailouts for banks, among others. “What the White House cannot say, of course, is that the value of Bitcoin is in protecting you from their abuses of authority, monetary or otherwise,” Troy Cross wrote in response to the report.

As one might expect, the White House also attacks Bitcoin mining as an energy-guzzling monster in the report. The report references a 2022 University of Cambridge study that claims Bitcoin mining consumed more energy in 2021 than several entire countries, including Finland, Belgium and Chile. Any distinction is shunned, while the report claims further environmental damage such as noise, air and water pollution.
“Not all crypto mining operations consume the same amounts of power. […] Despite Ethereum’s switch to proof-of-stake, Bitcoin has not announced plans to make a similar change,” the report continues.
Dennis Porter, founder of SatoshiAct, who advocates about the positive effects of BTC mining, wrote disillusioned that it is becoming clear that the voices of reason on Bitcoin and digital assets have left the White House. “We hope they come back.”

The White House: “Bitcoin has not announced plans to make a similar change” to proof-of-stake. pic.twitter.com/97sKw6DKWa
— Dennis Porter (@Dennis_Porter_) March 21, 2023

CBDC Are The Better Bitcoin, According To The White House
In complete contrast, the report states that a Central Bank Digital Currency (CBDC) represents the possibility of introducing a digital form of money. “While operating under the supervision of a trusted authority, both these mechanisms have the potential to realize many of the benefits that crypto asset developers have promised,” the report states and further explains:
A potential U.S. CBDC could also help support other policy goals. For example, a potential U.S. CBDC could help ensure that such payment systems are aligned with the principles of human rights, democratic values, and privacy.

Dave Birnbaum, Director of Products at Coinbits has strong words for the report. In a Twitter thread, he writes that the arguments in the report sum up the banking panic of 1907, when private bankers pooled their resources to save the system.
“This is cited as a lesson that the gov’t should have that power instead, so they created the Fed to wield it in place of private citizens,” says Birnbaum, who goes on to discuss that the section on cryptocurrencies can be understood as a “micro-aggression, implying that those who think digital assets are appealing are party to something like a Marxian false consciousness.”
At press time, the BTC price stood at $28,103, driven by the US banking crisis and the renewed monetary stimulus by the Federal Reserve.




US President Joe Biden released the government&#8217;s economic report on Monday, in which Bitcoin plays a major role. BTC is mentioned as many as 75 times in the report, which attempts to denigrate Bitcoin and promote a Central Bank Digital Currency (CBDC) of the United States as the better solu...

bitcoinist.com

US Government Attacks Bitcoin In New Report While Promoting A CBDC

On Monday, U.S. president Joe Biden published the administration’s economic report and addressed the subject of cryptocurrencies. The section titled “The Perceived Appeal of Crypto Assets” describes the currencies as “mostly speculative investment vehicles” that are “unbacked” and “traded without fundamental anchors.” The White House insists that crypto assets do not deliver on their promises and do not “perform all the functions of money as effectively as sovereign money, such as the U.S. dollar.”
Crypto Assets and Defi Highlighted in Biden Administration’s Economic Report
The recently published “Economic Report of the President” covers various topics, including the war in Ukraine, Covid-19, infrastructure, and U.S. employment statistics. On page 239, the report delves into bitcoin and other crypto assets, examining claims made by proponents and attempting to refute them. The Biden administration views crypto assets as too volatile when compared to traditional assets. According to the White House, crypto assets are “mostly speculative investment vehicles” and fail to serve as effective units of account.
The report argues that cryptocurrencies do not perform well as a medium of exchange due to their limited acceptance and high volatility, which prevents them from being reliable stores of value. The White House also believes that there is a conflict of interest when crypto assets are seen as both a form of money and an investment vehicle. “In summary, in addition to being speculative assets, cryptocurrencies are currently ineffective alternatives to sovereign money, such as the U.S. dollar,” the report’s authors claim.
The White House points out that crypto assets do not fulfill basic monetary promises and warns that stablecoins can pose a run risk. The report highlights the Terra stablecoin implosion as an example, and the White House emphasizes that stablecoins could potentially “disrupt financial stability.” Therefore, “stablecoins are currently too risky to satisfy this need,” according to the president’s economic report. While the White House acknowledges that distributed ledger technology (DLT) is a significant accomplishment in computer science, it also notes that “there have been limited economic benefits” of DLT.
Biden Administration Insists Defi Platforms ‘Should Be Operating in Compliance With Existing Regulations and Rules’
The authors of the report also criticize Web3, referring to it as the “so-called new Internet” and dismissing the benefits that its proponents claim. The White House authors conclude that crypto assets do not offer investments with any fundamental value and that they cannot serve as an effective alternative to fiat money. Instead, the innovation behind crypto assets is mostly focused on creating artificial scarcity to support their prices. According to the White House, many crypto assets have no fundamental value. The Biden administration is wary of financial innovation and sees inherent risks. The report, for example, emphasizes decentralized finance (defi) and the broad range of defi protocols.
“The basic promise behind defi is to replace financial intermediaries, instead linking savers directly with borrowers (or buyers with sellers), allowing them to save on the spread that traditional intermediaries charge for creating the match with software,” the authors explain. “However, they also create serious risks to investors and cause at least two risks for the broader financial system: the use of significant leverage, and the performance of regulated functions without compliance with appropriate regulations. Defi platforms acting as unregulated banks, broker-dealers, exchanges and other entities subject to regulation should be operating in compliance with existing regulations and rules.”

Overall, the Biden administration is skeptical of the value and potential of crypto assets and defi due to concerns over their volatility, limited acceptance, and regulatory compliance. White House researchers suggest that regulating crypto assets is the best approach to this new technology, whether it lasts or not. Biden’s Council of Economic Advisers criticize the “illicit finance risks,” pointing out that bad actors could leverage digital assets to inflict disruption in financial markets. Since the White House report was published, it has become a topical conversation for crypto proponents on social media and forums.
What do you think about the Biden administration’s economic report and skepticism towards these new technologies? Share your thoughts about this subject in the comments section below.


On Monday, U.S. president Joe Biden published the administration&#8217;s economic report and addressed the subject of cryptocurrencies. The section titled &#8220;The Perceived Appeal of Crypto Assets&#8221; describes the currencies as &#8220;mostly speculative investment vehicles&#8221; that are ...

news.bitcoin.com

Biden Administration’s Economic Report Deems Crypto Assets ‘Mostly Speculative Investment Vehicles’

With the Federal Open Market Committee convening on Wednesday and the recent financial troubles facing the U.S. banking system, White House press secretary Karine Jean-Pierre said President Joe Biden has “confidence” in Federal Reserve chair Jerome Powell. Meanwhile, according to the CME Group’s Fedwatch tool, the target rate probability suggests the Fed will raise the federal funds rate by 25 basis points (bps) this week. There’s also a 26.9% chance the U.S. central bank won’t raise the rate this month.
Market Laser-Focused on Upcoming Fed Meeting; Biden Administration Confident in Powell’s Leadership
It has been a tumultuous week in the U.S. banking industry as three major banks collapsed, and the Federal Reserve announced that it would fully bail out two of them. Additionally, the U.S. central bank created the Bank Term Funding Program (BTFP) to assist failed banks and their depositors. Moreover, the Fed loaned the banks $164.8 billion to strengthen liquidity and collaborated on March 19 with five other major central banks to boost U.S. dollar liquidity.
To make matters worse, a recently published paper indicates that roughly 186 U.S. banks are grappling with the same problems as Silicon Valley Bank, and First Republic Bank’s stock plummeted on March 20, losing more than 40% of its value in a single day. In the meantime, on March 22, the Federal Open Market Committee (FOMC) and Fed chair Jerome Powell will determine the fate of the federal funds rate.

EFFR chart by TradingView



Prior to the banking industry fallout, the U.S. central bank had been raising the benchmark rate rapidly every month since this time last year, following the significant monetary expansion in response to the Covid-19 pandemic, which saw the institution keeping rates suppressed at zero. When inflation began to soar, Fed members, including chair Powell, referred to it as “transitory” and predicted it wouldn’t last.
However, the Fed’s swift monetary tightening in response to inflation has caused significant issues with long-duration Treasury notes. During the White House press briefing on Monday, press secretary Karine Jean-Pierre was asked about president Biden’s opinion of the Fed chair’s leadership and whether Powell might be replaced as the Fed’s head. “No, not at all. The president has confidence in Jerome Powell,” Jean-Pierre stated.
Eight days prior, on March 13, president Biden had reassured Americans that the U.S. banking system was secure. “Americans can rest assured that our banking system is safe,” he said. “Your deposits are secure. Let me also assure you that we will not stop here. We will do whatever is necessary,” the U.S. president added.

Additionally, market strategists and economists are curious about the Fed’s plans for Wednesday, with some speculating that the central bank will be dovish. For example, last week, Goldman Sachs chief economist Jan Hatzius revised the bank’s U.S. federal funds rate forecast and stated that he does not expect a hike on Wednesday.

Other market analysts anticipate that the Fed will raise the rate by 25 basis points (bps) this week. At the time of writing, the CME Group Fedwatch tool indicates a 73.1% chance that the 25bps rate increase will occur. The Fedwatch tool also indicates that 26.9% of analysts predict no rate hike this month.
What do you think the Fed’s decision will be this coming Wednesday? Share your thoughts about this subject in the comments section below.


With the Federal Open Market Committee convening on Wednesday and the recent financial troubles facing the U.S. banking system, White House press secretary Karine Jean-Pierre said President Joe Biden has &#8220;confidence&#8221; in Federal Reserve chair Jerome Powell. Meanwhile, according to the ...

White House Says Biden Has ‘Confidence’ in Fed Chair Powell While Fedwatch Tool Predicts a 25bps Hike This Week

Bitcoin surged by 6% minutes after US President Joe Biden assured that the American banking system is “safe.”
Many alternative coins, including Ether (ETH), Binance Coin (BNB), and Cardano (ADA), also headed north.

The recent collapse of Silicon Valley Bank and Signature Bank caused severe panic, with some predicting a further contagion in the sector. 
In a highly anticipated speech, the President of the United States – Joe Biden – stated that Americans should have confidence in the local banking system, describing it as “safe.” 
He also assured that customer deposits remain available, meaning that small businesses “can breathe easier knowing they’ll be able to pay their workers and pay their bills.”

“Every American should feel confident that their deposits will be there if and when they need them.”

Biden touched upon the crisis with the former giant – Silicon Valley Bank, outlining that “no losses will be borne by the taxpayers.” Instead, the money will come from fees that banks distribute into the Deposit Insurance Fund.
However, investors in the failed institution will lose their funds because “that’s how capitalism works,” he explained:

“They knowingly took a risk, and when the risk didn’t pay off, investors lose their money.”

His appearance positively impacted the cryptocurrency market, with bitcoin crossing the $23,500 level.

Source: TradingView

ETH surged 4%, reaching $1,650, while BNB, ADA, MATIC, DOGE, and other altcoins also marked some serious gains.
The total cryptocurrency market capitalization climbed to $1.09 trillion, a nearly 12% increase compared to yesterday’s figures.

 
The post Bitcoin Spikes Above $23.5K Following President Biden’s Speech appeared first on CryptoPotato.

BTC surpassed $23,500 shortly after President Joe Biden said the US banking system is safe.

cryptopotato.com

Bitcoin Spikes Above $23.5K Following President Biden’s Speech

After the disgraced co-founder of FTX, Sam Bankman-Fried (SBF), donated $5.2 million to Joe Biden’s campaign in 2020 and more than $40 million to Democrats leading up to the U.S. midterm election cycle, three major Democratic organizations plan to return 2.2% of the funds, or $1 million, to the now-defunct crypto exchange. Of the total $1 million, the Democratic National Committee (DNC) is setting aside $815,000 to return to the bankrupt estate.
Democrats to Return Just 2.2% of Funds, Donated by Disgraced FTX Co-Founder, to Now-Defunct Crypto Exchange
Before his arrest, Sam Bankman-Fried (SBF) was known to have made significant contributions to the Democratic Party. In fact, estimates indicate that one in three members of Congress received a direct contribution from SBF and his inner circle. Since 2020, SBF has donated substantial sums of money to Democrats, and he has claimed to have made undisclosed donations to Republican candidates. SBF made the second-largest monetary donation to Joe Biden’s campaign in 2020, giving the current president $5.2 million.
In a press briefing on Dec. 13, 2022, a reporter asked White House press secretary Karine Jean-Pierre if the administration would return the funds. Jean-Pierre declined to comment, citing the Hatch Act. “Anything that’s connected to political contributions, from here I would have to refer you to the DNC,” Jean-Pierre said. SBF was the second-largest donor to the Democrats under George Soros, giving significant funds to Joe Biden’s campaign in addition to other contributions leading up to the U.S. midterm elections.

According to Federal Election Commission (FEC) records and data from opensecrets.org, SBF gave Democrats at least $40 million in donations. Tesla CEO Elon Musk has suggested that SBF may have given significantly more to Democrats over the years, possibly even up to $1 billion. The bankrupt estate is now asking for the $45.2 million given to Democratic candidates, political action committees, and Biden to be returned to the company so it can pay back creditors. Three major Democratic organizations plan to return $1 million of the funds, which represents approximately 2.2% of SBF’s total $45.2 million contribution.
The Democratic Congressional Campaign Committee and the Democratic Senatorial Campaign Committee will return $353,000, according to various news publications. The DNC also plans to return $815,000 to the bankrupt FTX estate. “Given the allegations of potential campaign finance violations by Bankman-Fried, we are setting aside funds in order to return the $815,000 in contributions since 2020,” a DNC spokesperson said. “We will return the funds as soon as we receive proper direction in the legal proceedings.”

Returning $1 million or 2.2% of the funds back to the bankrupt estate still leaves $44.2 million that SBF gave to the party’s PACs and candidates. It is notable that the Democratic parties have not offered to return the entire remaining balance, and some U.S. bureaucrats have taken it upon themselves to donate the money to charity. One concern is that the funds may have been acquired through fraudulent means, which could be viewed as rewarding and legitimizing such behavior.
Moreover, returning only 2.2% of the funds back to the bankrupt estate could be seen as a political calculation rather than a moral one. It’s unclear whether the FTX debtors will be satisfied with receiving just 2.2% of the funds or if they will seek to reclaim a greater portion of the political donations made by Bankman-Fried.
What do you think the Democratic Party and its candidates will do with the remaining $44.2 million in donations from Sam Bankman-Fried? Share your thoughts in the comments section below.


After the disgraced co-founder of FTX, Sam Bankman-Fried (SBF), donated $5.2 million to Joe Biden&#8217;s campaign in 2020 and more than $40 million to Democrats leading up to the U.S. midterm election cycle, three major Democratic organizations plan to return 2.2% of the funds, or $1 million, to...

JOE price	$0.54042
Low - High 24H	$0.447708 - $0.552931
Market cap	$184.85M
Volume 24H	$139.10M
All time high	$5.09 -89.38% November 21st 2021
All time low	$0.026588 1932.54% August 11th 2021
Genesis date	N/A

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