‘Bitcoin Vs. The Dollar—Biden Administration Suddenly Declares U.S. Crypto ‘Emergency After Huge Price Surge

Bitcoins: BTC: And cryptocurrencies have recovered from devastating price collapses ( Shark Tank billionaire Mark Cuban revealed the two Bitcoin competitors he's currently up against).

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The Wall Street legend said the US dollar was “done,” causing Bitcoin prices to soar above $43,000 per bitcoin.

Now, as the Bitcoin mining industry faces a $3.3 trillion disaster, US President Joe Biden's administration has issued an "urgent intelligence gathering request" to those who maintain the security of the Bitcoin network, escalating the war some are calling Bitcoin vs. Bitcoin. Bitcoins. . American dollars.

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More are 'out' of the US dollar by Forbes. The Wall Street legend warned Trump and Biden that Billy Bembrow 's China nightmare would suddenly become a reality

The Biden administration this week signed off on an urgent investigation into how much energy bitcoin and crypto miners use, and the Energy Information Administration (EIA) will begin collecting emergency data next week.

Bitcoin miners, who use sophisticated computers to verify transactions and maintain the Bitcoin blockchain on new coins, are required to provide detailed power usage data as part of an emergency data collection request approved by the Office of Management and Budget. Jan. 26:

“We intend to continue analyzing and documenting the energy implications of cryptocurrency mining activities in the United States,” EIA Administrator Joe DeCarolis said in a statement. “We will focus on how cryptocurrency mining energy demand is evolving, identify geographic regions with the highest growth rates, and evaluate the energy sources used to meet cryptocurrency mining demand.”

The EIA cited the need to collect data on the potential “social harm” of Bitcoin and mining. The Bitcoin mining industry has been criticized for its enormous energy consumption, which studies show could reach annual consumption levels in some small countries.

“Recognizing that these emergency kits are still experimental and preliminary, it is clear that EIA wants to create a new standard kit,” OMB wrote in its agreement.

This unusual research has raised concerns among the bitcoin and crypto communities, which have long raised concerns about a major government attack on the bitcoin mining industry. Last year, Florida governor and former US presidential candidate Ron DeSantis warned that the Biden administration would “drain Bitcoin” and eventually “completely destroy it.”

“The EIA's recent move to require Bitcoin mining companies to disclose energy usage is a direct target of the digital asset sector,” said the Texas Blockchain Council.

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Pierre Rochard, head of research at Colorado-based bitcoin miner Riot Platforms, said Biden announced a federal 'emergency' proclamation because the "system" on X could be considered an "emergency".

The sharp increase in the supply of US dollars and US debt due to the Covid-19 pandemic and lockdowns has emboldened Bitcoin supporters who are worried about a possible collapse of the US dollar.

“In the last ten years, all fiat money has fallen against the dollar, just as the dollar has fallen against Bitcoin,” said the technology investor and former Coinbase employee.

Coin

Prominent tech investor Balaji Srinivasan wrote in X:

“The election of Biden and Trump is America's election. Bitcoin vs dollar is an internet choice. What's really more important? If you lose your printer, the choice doesn't matter much. Just one or two. In a few steps, and it will become clear.

Bitcoin's future hangs in the balance: Wall Street versus Washington