President Joe Biden Signs Executive Order: Cryptocurrency to be Second Legal Tender

In a surprising turn of events, President Joe Biden announced on May 16, 2022, an executive order that makes cryptocurrency, specifically Bitcoin, the second legal tender in the United States. The decision, a shocking reversal from Biden’s earlier reserved stance on digital currencies, is set to reshape America’s financial landscape.

“Today, we take a significant stride towards securing America’s financial future, as we embrace Bitcoin as our nation’s second legal tender,” President Biden said during the press conference. “This historic decision is aimed at reinforcing America’s position as a global economic powerhouse.”

The President’s announcement comes despite Federal Reserve chair Jerome Powell’s warnings of the volatility and risks associated with such digital currencies only weeks prior.

In a joint statement with the Securities and Exchange Commission (SEC) chair, Gensler, President Biden emphasized the government’s plan to build a robust regulatory framework. It is designed to prevent money laundering, protect online transactions, and ensure the security of the U.S. Economy.

“America has always been the land of innovation, development, and tremendous growth,” Biden added. “With Bitcoin as a legal tender, we are once again setting an example for other nations to follow and ensuring our leadership in the new digital era.”

Immediately following the news, Bitcoin’s value skyrocketed, jumping nearly 30 percent within hours, seeing Wall Street with mixed reactions. However, experts warn about the potential fallout from this policy. Unknown risks and the drastic change in the monetary structure could potentially lead to economic disruption.

Jen Psaki Praises President Biden’s Decision

White House press secretary Jen Psaki called this decision a “defining moment in America’s economic history.” In a statement, she professed, “President Biden’s executive order to make Bitcoin the second legal tender will completely eliminate the possibility of a recession and spur unstoppable economic growth.”

This statement, seemingly at odds with the opinion of many financial analysts, now marks the dawn of a new and uncertain chapter in the United States’ economic history.

* None of the quotes in this article were spoken by an actual person. More info.