Technology

Is Mainstream Adoption of Cryptocurrencies Imminent?

On Wednesday, March 9, President Joe Biden released an executive order regarding cryptocurrency and how his administration intends to approach the rapidly growing industry in 2022. However, after the release of this executive order, the question remains: Is mainstream adoption of cryptocurrency imminent in the U.S.? It’s evident that Joe Biden and his administration are interested in the fast growing industry and intend to pursue cryptocurrency regulations at some level over the next few years. In the briefing room fact sheet released with the executive order, Biden’s administration fully recognized the monumental growth cryptocurrency has seen over the last five years, moving from a $14 billion market cap to a $3 trillion market cap. Crypto is a steamrolling train that’s not slowing down anytime soon. There are still some genuine concerns regarding cryptocurrency and its ability to keep a stable market while protecting investors. One of those concerns revolves mainly around a specific cryptocurrency identified as Stablecoins. Stablecoins try to pin their market value to an external reference. An example of a Stablecoin is USDT (Tether) and its parallel value to the U.S. dollar. U.S. Secretary of the Treasury, Janet Yellen, stated that she’d like to see congress introduce regulations for that sector, mainly addressing the commitment of Stablecoins to being entirely backed by dollars held in reserve.

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OODA Analyst

OODA Analyst

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