HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Is Bitcoin On The Verge Of Landing In President Biden’s Bad Books?

Bitcoin 2021/07/12 22:48 by Olivia Brooke
Is Bitcoin On The Verge Of Landing In President Biden’s Bad Books?

The former President of the United States, Donald Trump, had made it very clear where he stood with digital currencies. Clearly, Trump was not a fan of Bitcoin which he had branded “a scam against the US dollars.”

However, with the arrival of President Joe Biden, came the hope that the new government will take a softer approach with digital currencies, but there are multiple reasons backing up fears that the initial expectations might not be met.

Russia might get some heat from the U.S if Crypto ransomware attacks persist

The most recent reason why cryptocurrency players are wary of President Biden’s administration is the recently revealed conversation he had with the president of Russia.

Speaking to reporters on his call with Putin, the President said the following “I made it very clear to him that the United States expects when a ransomware operation is coming from his soil even though it’s not, not sponsored by the state, we expect them to act if we give them enough information to act on who that is.”

Bitcoiners have every reason to be worried by this, as many random ware-related attacks have hackers requesting Bitcoin as a payment medium. After breaching a company’s network, the hackers usually request payments in the form of Bitcoin, before granting network owners access to their system once again.

Ransomware attacks could also put Bitcoin in a lot of trouble

It is important to note that Russia might face sanctions as Biden added that noncompliance could result in consequences.

While Biden’s comments were directed at the Russian government, Bitcoin is not free from trouble, especially as many U.S government officials have in the past sighted fraud as one of the illegal acts that digital currencies like Bitcoin facilitate.

Any event that gives the U.S reasons to believe that Bitcoin is a threat to the U.S will likely put the asset in Biden’s bad books.

Bitcoin remains in danger zone of the US Government

Meanwhile, digital currencies are not exactly in the government’s good books as it stands. Back in May, the Bitcoin market took a hit following Biden’s demands that cryptocurrency transactions with a fair market value of $10,000 or more be reported to the IRS, in order to monitor and minimize tax evasion.

While the swift adoption of Crypto in Miami, Texas, and Wyoming is setting a positive tone for what is to come, there is no telling what new developments the market could witness in the months ahead.

0 Like(s)



You should also read...

Bitcoin 02/07/20 22:35 by Adrian Klent
Russian Court Dismisses 100 BTC Theft, Says Cryptocurrencies Have “No Legal Status”
A Russian media outlet has reported a case of cryptocurrency theft which was waved off by a court in Russia. The Petrograd District Court of St. Petersburg made its ruling on the 30th of May as it br...
Read More
Crypto 23/07/20 13:53 by Olivia Brooke
The Use Of Cryptocurrencies Will No Longer Be Criminalized In Russia
The Russian cryptocurrency ecosystem is gleefully celebrating a newly achieved milestone as lawmakers in Russia passed the bill that has now decriminalized the use and of digital currencies in the co...
Read More
Bitcoin 19/10/20 23:09 by Bernice Nyambura
CBDC’s Are Coming Fast But Will Not Replace Bitcoin – Raoul Pal
According to the Real Vision founder and CEO Raoul Pal, governments and Central Banks are much more prepared to roll out central bank digital currencies than most people think. The changes that ha...
Read More
Altcoins 04/12/20 11:24 by Bernice Nyambura
2020’s Crypto Market Success Has Been Driven by Fiat Inflation and Digital Assets Utility – Ripple CEO Posits
Ripple CEO, Brad Garlinghouse declared that 2021 will see more adoption of digital assets and growth of the crypto market as more people will be looking to diversify their portfolios into cryptocurre...
Read More
Bitcoin 09/07/21 12:11 by David Kariuki
11% Of Reserve Managers From 30 Leading Central Banks Consider Bitcoin As An Alternative To Gold
Although the number of central bank reserve managers who prefer cryptocurrency investments is still quite low, the number is slowly progressing, and 11% of respondents in a recent UBS survey now say ...
Read More