Turnaround on the other side of the Atlantic!!! While President Joe Biden did not seem particularly attracted to Bitcoin (BTC) at first sight, he finally seems to have changed his mind! According to US sources, a “Special Committee for the General Adoption of Bitcoin” is due to meet in early May 2021 to discuss a possible transition from the dollar to Bitcoin.
Tesla’s rapprochement with Bitcoin as a decisive factor?
Joe Biden’s change of heart on Bitcoin seems to coincide with Tesla’s acceptance of Bitcoin as a means of payment. On 24 March, Tesla boss Elon Musk announced that Tesla would henceforth accept payments in Bitcoins and would not convert Bitcoins into dollars. This decision is part of a rapprochement between Tesla and Bitcoin that began several weeks ago, with the electric car giant announcing that it had invested $1.5 billion in Bitcoins, or around 8% of its cash reserves.
On 24 March, Tesla joined the list of companies that accept payment in Bitcoin:
Microsoft Xbox
Windows Store
Subway
Visa
Wikipedia, etc.
In the United States, the list is extremely long, and every industrial sector is beginning to adopt Bitcoin!
And Joe Biden, a particularly progressive President, does not seem to be unmoved by the growing adoption of Bitcoin by businesses in his country. Given that Mr Biden has put the environment at the heart of his political concerns and has announced that he wants to encourage the purchase of electric cars throughout the country, it would not seem surprising if this rapprochement between Bitcoin and Tesla has finished convincing him.
The end of the undisputed reign of the dollar?
In the end, this choice may seem logical, albeit premature, given that the dollar has been losing ground for decades now. Its damaging influence on the global economic system is regularly highlighted. Although it remains the current master of international trade, those involved in commerce are gradually turning their backs on it in favour of other currencies, such as the Chinese Yuan, for example. Its detractors have also raised the idea of adopting a virtual currency for international trade.
Bitcoin (BTC), the giant of cryptocurrencies, is currently trading at a staggering $59,223.35. The price of Bitcoin has been rising steadily since the end of 2020, while the dollar, which had risen at the end of the year, has been falling steadily since January. Bitcoin is gaining ground and became the world’s 5th-largest currency in December 2020. So could it be that Joe Biden wants to ride the Bitcoin wave and make it his own while there’s still time?
Target 2022 for large-scale adoption of Bitcoin!
Joe Biden has summoned the US Federal Reserve (their central bank), the Securities and Exchange Commission (in charge of regulating and controlling the financial markets) and the country’s biggest banks to set out his plans for the transition from the dollar to Bitcoin! The CEOs of American giants such as Microsoft, Apple, Amazon, Facebook, Coca-Cola, Johnson & Johnson, etc. have also been summoned. The whole of American industry and commerce is in uproar! The special committee tasked with drawing up a plan for the widespread adoption of Bitcoin is due to meet in early May 2021. Its members will then have two months to prepare proposals for a financial plan for the transition to Bitcoin in their sector.
Because Joe Biden is thinking big! He is aiming for the end of 2022 to make Bitcoin the new Dollar! That gives him just over 20 months to achieve this historic change. However, he still has to persuade his country’s financial organisations! Mr Biden may be President, but he won’t be able to make Bitcoin the new currency of the United States without the support of the relevant authorities. Will he convince them?
Will we? Have we convinced you? Because, of course, it was all just an April Fool’s joke! We apologise to Bitcoin enthusiasts who have been waiting for this day for ages. But don’t despair! Given Bitcoin’s performance and growing adoption, if the United States were indeed to choose a cryptocurrency as its official currency in the future, Bitcoin would surely be on their list!
