Bitcoin and cryptocurrency markets may be facing a new wave of uncertainty.
Following the cryptocurrency crackdown in the US and the FED's actions that caused a nightmare for Bitcoin prices, now a leak published by Forbes suggests that US President Joe Biden may be about to issue an executive order on artificial intelligence (AI) that could significantly affect Bitcoin and crypto. revealed.
Alexander Grieve, director of government affairs at Bitcoin and crypto-focused investment firm Paradigm, expressed concerns about the White House's upcoming executive order on artificial intelligence. Grieve suggests this could set off “alarm bells” for the crypto industry.
The executive order could force companies like Microsoft, Google and Amazon to disclose “when a customer purchases processing power above a certain threshold,” Semafor reported, citing anonymous sources.
Grieve points to a section of the report that refers to computing power as a “national resource.” Activities such as “mining Bitcoin, developing video games, and running AI models like ChatGPT” all require “large amounts of computing.”
The Bitcoin network requires miners to verify transactions in exchange for newly created BTC using high-powered computers. This system is thought to use more electricity annually than some smaller countries.
Grieve suggests that, according to the report, BTC mining could be considered “stealing electricity from families” and a decision could be made that working in the crypto space would “distract developer talents from real work.”
*This is not investment advice.
