Bitcoin and cryptocurrency prices are on a tear this week.
The bitcoin price rocketed up past $40,000, gaining 11.7% from its lowest March point. Other major cryptos also rose but trailed in bitcoin’s wake. Ethereum’s price rose 7.7%, BNB 4.8%, cardano 2.4%, XRP 2.7%, and solana 3.3% over the week
Cryptos jumped after Biden signed the long-awaited (and dreaded) executive order, which came out more pro-crypto than expected. The directive calls on federal agencies to coordinate crypto oversight, but it didn’t lay out any specific regulations.
In fact, policymakers appear to recognize digital assets’ role in monetary innovation. As Coindesk reported: “one part of the order will direct the Treasury Department to create a report on the “future of money,” including how the current financial system might not meet consumer needs.”
Biden’s crypto agenda seems to back the bold claim of Zoltan Pozsar, global head of short-term interest rate strategy at the giant investment bank Credit Suisse that “we are witnessing the birth of Bretton Woods III – a new world (monetary) order.”
And that bitcoin may largely benefit from it.