Social Media Gives Mixed Reviews to Biden's Crypto Order

President Biden's executive order on cryptocurrency spurs a variety of commentary on Twitter and Reddit.

Social media was rocking with some strong opinions Wednesday after President Joe Biden signed his long-awaited executive order on cryptocurrencies.

Biden's order seeks to set up a federal strategy on cryptocurrencies and includes exploring the possibility of developing a U.S. Central Bank Digital Currency.

The Biden administration said that 16% of Americans, or almost 40 million citizens, now invest in or use cryptocurrencies, allowing the sector to boast a $3 trillion market capitalization last November. 

“The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate,” the White House said.

Crypto prices were up: bitcoin surged 8.5% to $42,254 at last check, according to CoinGecko, while ethereum was up nearly 6.5% to $2,741.

Privacy coins, or anonymity-enhanced cryptocurrencies, were also rising, including Monero, which was up 10.2% to $189.13.

Treasury Secretary Janet Yellen said that "President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy."

Gary Gensler, chairman of the Security and Exchange Commission, tweeted his support for Biden's order, saying he looked "forward to collaborating with colleagues across the government to achieve important public policy goals." 

Edward Moya, senior market analyst for the Americas with Oanda, said the end result of the executive order "will be greater protections for the consumer, financial stability, and a long path for a digital dollar."

"Bitcoin will likely see strong resistance around the $45,000 level unless the stock market rally does not slowdown," Moya said.

Meanwhile, over on social media, crypto enthusiasts did not hold back their views about Biden's executive order

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