Biden’s AI Directive Might Shake Up Bitcoin & Crypto World
The cryptocurrency market, including major players like Bitcoin, Ethereum, and XRP, has been under considerable tension this year. Wall Street heavyweights, on the other hand, are gearing up for a potential crypto boom, armed with a whopping $48.3 trillion war chest.
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Over the past week, the Bitcoin price has surged, driven by the buzz surrounding BlackRock’s highly anticipated Bitcoin ETF application. This enthusiasm has also lifted Ethereum, XRP, and other major cryptocurrencies. The scene is being set for what many believe to be the next big crypto upswing.
However, whispers from Washington suggest that President Joe Biden is planning a significant AI regulatory overhaul. Many in the crypto community are apprehensive that these regulations might inadvertently affect the cryptocurrency space.
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This Monday, Biden is set to introduce a comprehensive Artificial Intelligence directive, as per sources like The Washington Post, Axios, and Bloomberg. The agenda? A White House event focusing on creating a “safe, secure, and trustworthy” AI environment, graced by tech industry giants.
Key takeaways from the directive include AI assessment prerequisites for federal usage and streamlining the migration process for AI experts.
But it’s the potential implications for the crypto world that have many concerned. Early whispers hint at the possibility of treating computational power as a “vital resource.” Such a move could mandate tech behemoths like Microsoft, Google, and Amazon to report significant computational purchases, covering areas from bitcoin mining to video game development and AI operations.
According to Alexander Grieve from Paradigm, an investment firm centered on crypto, this could be perceived as an attempt to curtail computational power, with some even suggesting that crypto work might detract from more ‘legitimate’ uses.
Given the energy-intensive nature of bitcoin mining – sometimes consuming more power than entire nations – and the US’s emerging position as a global hub for bitcoin miners after China’s 2021 clampdown, the stakes are undoubtedly high. Only time will tell how this directive will unfold for the crypto realm.
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