Bitcoin gets a bump as President Joe Biden signs crypto executive order

Check out bitcoin and ethereum leading the crypto market higher today president biden signing an executive order stating the united states must maintain technological leadership in the rapidly growing crypto space supporting innovation while mitigating the risks for more on what this and the means and what the consequences it could have for.

Crypto and the market let's bring in our very own bitcoin baller brian kelly he joins us on the fast line bk it's always good to get your take on these things it's very high level i don't know if any of the buckets the six areas that they are going to focus on in the coming days are a surprise so what exactly was so bullish about this.

Yeah so that that's a great question melissa so really what was bullish about it is the industry has been clamoring for regulatory clarity and the biggest concern was that there was going to be either regulatory overreach or you know a flat out ban so it was welcome that they're saying hey listen we want to.

Keep uh our competitive competitiveness globally but we also recognize they're at risk and about half of the executive order had to do with national security which we all i think would agree is probably a good thing so in general that's why you had this eight to nine percent rally in bitcoin and ethereum today.

Uh in terms of the the kinds of coins that would benefit the most from the notion that the us wants to maintain its technological edge and be a home for innovation which coins would it be because there are some coins you know that that depend more heavily on that notion in that you know entire platforms are built on top of them.

Right right so you're talking about like an ethereum right any of these smart contract platforms anything that's going to be that web 3.0 is going to be built on it's likely to be the most is both likely to benefit the most primarily because if you think about that this is really kind of the next version of tech the next version of the web and so.

When you get into bitcoin which really is a currency and it's kind of competing with with gold um that's one aspect of it but this whole web 3 d5 area that's going to be the biggest beneficiary of of this regulatory clarity you often like to find the the contrary uh way of thinking about things bk and so.

You know what what would your concerns be because this is very it's pretty vague right now um there's a long road between this and actual legislation or actual you know acts that become official in any way and so i'm wondering if there are areas in the market that you're concerned about in crypto yeah i think i think the biggest concern.

Here is i mean one i agree with the national security angle to this however it's very clear that you have these sanctions of how powerful the u.s dollar based global financial system is uh if for some reason crypto was viewed as a threat to that uh to the u.s dollar being the reserve currency then i think that would be the kind of a negative to.

This executive order uh and i would be concerned about that because then that would get us closer to a flat out ban again i don't that's not my base case but if i have to pick something out of it that is worrying me it would be worrying that congress and politicians look at crypto as a threat to the global world order.

All right bk always great to get your take on these sorts of things brian kelly our own in-house bitcoin baller joining us on the fast line tonight um karen do you think this is it sounds positive at least at the get-go right and i would imagine that because institutions more and more institutions.

Are in crypto that the lobbying power is much bigger now absolutely right when you think about some of the dollars behind it that's an excellent point i think it was it wasn't anything bad so that's good how simple is that yes not bad is the new good you know what it was right we still don't know what it was but i mean.

It wasn't bad it was we know it wasn't you know i i think when also when you have oligarchs trying to hide their money and and whether it's gold or whether it's bitcoin or whether it's ethereum i think that's been a tailwind for it obviously the regulatory framework.

To this point no one has any idea what's a tailwind what's a headwind but as soon as you start talking about it and someone doesn't say that we hate it then it's a tailwind so you kind of keep it really in its elementary thing i i actually bought some some of the grayscale ethereum trust for my children finally i got off the uh off off the you.

Know bubble and bought it for them but it's the problem with this is they're both in bitcoin and ethereum are both in a declining trend line so they have to really break out to really have any substantive rally to get back to the old recent highs i think this notion that people are using it to hide money is.

Interesting considering it's a public ledger yeah you can actually track all the transactions guy but i mean you know grosser brings up an interesting point about the charts you know all this is positive we see pop today but the technicals may not be looking too good no and to steve's point just looking at this through that lens i think 46 000.

Ish is a 200-day moving average if you go back and look that's what it failed out about a week week and a half ago we traded back down to 38 000 and here we are so i think the way to trade it again just my opinion if you want to get in if you haven't been in you buy it on a breakout.

Above 46 000 or you look to that pullback that we've seen a number of times now back to 38. you
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