Bitcoin and other major cryptocurrencies, including Ethereum and XRP, have been facing the possibility of regulation this year despite the attention they have been receiving from major financial players such as Wall Street. Recently, the price of bitcoin has significantly increased due to the anticipation of BlackRock, the largest asset manager, applying to create a Bitcoin fund.
However, the cryptocurrency industry is now in a state of uncertainty following reports that US President Joe Biden is scheduled to meet with senior representatives of the technology industry at the White House. It is anticipated that new regulations regarding artificial intelligence will be introduced, which could have an impact on cryptocurrencies as well.
According to The Washington Post, Axios, and Bloomberg, President Biden plans to issue a comprehensive decree in the field of artificial intelligence on Monday. This decree is expected to require an evaluation of AI models before they can be used by federal workers and make it easier for highly skilled professionals to migrate to the United States to work in this field.
However, early reports about this decree have caused concern within the crypto community. There is apprehension that the decree may classify computing power as a “national resource,” leading cloud providers like Microsoft, Google, and Amazon to disclose information about purchases of computing resources that exceed a certain threshold, including bitcoin mining and other related activities.
Alexander Gryv, the head of the public relations department at Paradigm investment company, expressed concerns that such a decree could be seen as an attempt to restrict computing power, which could have an impact on bitcoin production.
It is worth noting that after China banned bitcoin mining in 2021, the United States has become the hub for bitcoin miners, hosting more miners than any other country.