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Bitcoin prices have fallen below $30,000 per bitcoin, partly due to concerns that the United States (Microsoft notwithstanding) is waging a secret war against cryptocurrencies.
A leak today revealed that US President Joe Biden could issue an executive order on artificial intelligence that could have a significant impact on Bitcoin and cryptocurrencies, sounding a "wake-up call".
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“The upcoming White House executive order on artificial intelligence represents a warning for cryptocurrencies,” Alexander Grieve, head of government affairs at Bitcoin and cryptocurrency investment firm Paradigm, wrote on X (Twitter), citing a Semafor report citing anonymous sources. .
The report claims that companies such as Microsoft, Google
will be required to disclose information “when customers purchase IT resources above a certain threshold.”
Grieve highlighted a section of the report that calls computing power a “national resource” and that “mining Bitcoin, developing video games, and using artificial intelligence models such as ChatGPT” all require “enormous amounts of computing power.”
The Bitcoin network, which requires miners to verify transactions in exchange for newly created bitcoins using powerful computers, is said to consume more electricity annually than some small countries. Following China's ban on Bitcoin mining in 2021, the US is home to more Bitcoin miners than any other country.
“The White House currently views technology jobs, development talent and energy as scarce and therefore zero-sum national resources, especially [with regard to] cryptocurrencies,” Grieve said, noting that Bitcoin mining could be seen as “the usurpation of mining bitcoins." " power. " family. "And cryptocurrency employees will divert development talent" from "real" applications.
"If we start looking at computing power in the same way and reporting who is using it and to what extent, we expect to see similar political and media pressure being put on the cloud service providers that serve the major players in computing." Grieve added. , called it "Operation Throttle Point, but for the sake of computing power." Subscribe to CryptoCodex - the free daily newsletter for cryptocurrency enthusiasts
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The financial services sector's traditional retreat from the cryptocurrency market this year has been dubbed "Operation Chokepoint 2.0" by some in the crypto industry, fearing it is being encouraged by the US government and regulators.
The original Operation Choke Point, launched in 2013, was a U.S. Department of Justice initiative aimed at stopping banks from doing business with gun dealers, payday lenders, and other companies with a high risk of fraud and money laundering.
Earlier this month, Binance CEO Changpeng "CZ" Zhao issued an "obvious" warning regarding Operation Chokepoint 2.0.