Biden Will Kill Him EventuallySerious crypto warning could spell chaos for Bitcoin and Ethereum price as debt ceiling deal hits

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Update 05/28 below. This article was originally published on May 26

BitcoinBTC and Ethereum, the two biggest cryptocurrencies, have rocketed into the limelight this year amid fears that the US is waging a covert crypto war.

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Bitcoin price rebounded from hitting around $16,000 per bitcoin at the end of 2022 following the implosion of crypto exchange FTX, dragging ethereum price with it, although a leak reported. revealed a Democratic plan for a crypto crackdown.

Now, after Elon Musk issued a surprise crypto warning this week, US presidential hopeful Ron DeSantis has warned that the Biden administration has “the bitcoin” and could end up “killing it” completely.

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“I think the [Biden] regime, clearly they’ve got it for bitcoin, and if it goes on for another four years, you know, they’ll probably end up killing it,” DeSantis, currently governor of Florida, said this week during his campaign for the White House streamed on Twitter Spaces.

“Bitcoin poses a threat to them,” DeSantis said. “They’re trying to regulate it so it doesn’t exist anymore.”

Last year, US President Joe Biden issued an executive order directing various federal agencies to come up with a comprehensive plan to regulate the hot bitcoin, ethereum and crypto market.

Update 05/26: Biden and Republican House Speaker Kevin McCarthy have reached an agreement on the nation’s looming $31.4 trillion debt ceiling, ending months of uncertainty for markets, Reuters reported.

Early details of the deal suggest it would ‘suspend the debt limit until January 2025, while capping spending in the 2024 and 2025 budgets, recover unused Covid-19 relief funds, speed up the process authorization for certain energy projects and would include additional work requirements for food assistance programs for poor Americans,” according to Reuters.

“This is an important step forward that cuts spending while protecting essential programs for workers and growing the economy for everyone,” Biden later posted on Twitter, adding, “The deal protects my key legislative priorities and accomplishments as well as those of Congressional Democrats.”

McCarthy was quoted by The Hill as saying he plans to release the legislative text on Sunday May 28 and hold a floor vote on Wednesday May 31.

Earlier this month, Biden said he would not agree to a debt ceiling deal that benefited crypto traders. “I’m not going to accept a deal that protects wealthy tax cheats and crypto traders while jeopardizing food aid for nearly…1 million Americans,” Biden said at the G7 meeting in Japan. .

The ensuing bitcoin price crash, which wiped out roughly $2 trillion in value from the combined bitcoin, ethereum, and crypto market, propelled crypto to the top of the regulatory agenda and forced many US crypto companies to look overseas for friendlier jurisdictions.

DeSantis, who challenges former US President Donald Trump, who said in 2019 that he was not a fan of bitcoin, ethereum and other cryptocurrencies, claimed bitcoin was a threat to people. “central planners” in the Biden administration who want to control everything.

“You have every right to do bitcoin,” DeSantis said. “The only reason these people in Washington don’t like it is because they don’t control it.”

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MORE FROM FORBES ‘Who’s Laughing Now?’-Bitcoin Price Now Primed for 3 Billion User Shocks as Strike CEO Issues Serious Warning on Coinbase and EthereumBy Billy Bambrough with Ethereum Price and Ethereum Other Major Cryptocurrencies Despite Growing Fears of a Biden-Led U.S. Crypto Crackdown Digital Assets .Forbes

DeSantis, who currently votes much lower than Trump, attacked what he called the “bureaucracy” that led to what is known in space as “operation choke point 2.0”, the idea that US regulators, banks and politicians are waging a secret war against crypto and crypto companies.

Alongside DeSantis, former pharmaceutical entrepreneur Vivek Ramaswamy also threw his hat into the Republican primary ring with an endorsement of bitcoin, calling the 2024 election a “fiat currency referendum.” Elsewhere, Democratic presidential candidate Robert F. Kennedy Jr. backed bitcoin at his campaign launch, promising to defend bitcoin from “invasive surveillance.”

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I am a journalist with significant experience covering technology, finance, economics and business worldwide. As founding editor of Verdict.co.uk, I reported on how technology is changing business, political trends and the latest cultures and lifestyles. I have covered the rise of bitcoin and cryptocurrency since 2012 and traced its emergence as a niche technology in the greatest threat to the established financial system the world has ever seen and new technology the more important since the Internet itself. I’ve worked and written for CityAM, the Financial Times, and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally hold a small amount of bitcoin and other cryptocurrencies.

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