Crypto mining in the US might be on the rise soon because of the new Joe Biden’s Executive Order, thinks Jefferies Group analyst Jonathan Peterson.
“We believe the fact that the U.S. government is now more formally recognizing, engaging with and seemingly supporting the digital asset industry will be a positive for public crypto mining companies”, – Peterson said.
The analyst thinks Joe Biden’s executive order on crypto regulation will be broadly supportive for crypto miners. Especially after last summer China’s ban on crypto mining.
These facts altogether could drive a wave of new investment in North America, adds Peterson. And the U.S. can beforehand reserve a huge part of the future crypto economy.
Since China banned crypto, the U.S. became the global leader for Bitcoin mining with regards to the hashrate.
Earlier President Joe Biden today issued an executive order that could lead to the US creating a digital currency.
“The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk,” the White House said.