President Joe Biden signed an executive order Wednesday for the government to assess the risks and benefits of cryptocurrency as it continues to soar in popularity.
The six key priorities are laid out in the document: Consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion and responsible innovation.
Cryptocurrency markets have gotten wind of the announcement and spiked significantly within the past day. The price of Bitcoin has skyrocketed by nearly 10%, while Ethereum increased by just over 7%.
“The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system and the climate,” the Biden administration said in the statement.
The statement also said digital assets as a whole have surpassed a $3 trillion market capitalization last November, up from $14 billion four years prior.
What is cryptocurrency?
Cryptocurrency is a digital asset designed to be used over the internet, according to Coinbase. It’s decentralized, meaning it isn’t controlled by the government or any other central authority such as a bank.
You can use cryptocurrency to buy products from retailers who accept it as payment, such as Overstock, or sell it to make a profit.
Other well-known cryptocurrencies besides Bitcoin and Ethereum include Dogecoin, Shiba Inu, Cardano and Tether.
Where can I buy cryptocurrency?
Coinbase is one of the most popular cryptocurrency trading platforms.
Crypto.com is another popular cryptocurrency trading platform (you may have seen an ad that aired during the Super Bowl).
Here are some other places where you can buy cryptocurrency:
You can also buy cryptocurrency on Venmo.
How much does it cost to buy cryptocurrency?
To invest, you don’t have to buy one entire cryptocurrency, such as Bitcoin — you can buy just a fraction. One Bitcoin is currently worth over $42,000, whereas one Dogecoin is not even worth 15 cents.
Ultimately, it depends on which cryptocurrency you’re buying. Each has a different price and market value.
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Nicolette Accardi covers the online shopping industry, writing about commerce, daily deals and tips. She can be reached at naccardi@njadvancemedia.com. Follow her on Twitter: @N_Accardi.
