In a year already marked by uncertainty for the cryptocurrency market, fresh concerns are now emerging that could send shockwaves through the sector. A leaked report has suggested that U.S. President Joe Biden might soon issue an executive order on artificial intelligence that could significantly impact Bitcoin and other cryptocurrencies, setting off alarm bells among industry insiders.
According to the leaked information, the upcoming White House executive order on AI could compel major tech companies like Microsoft, Google, and Amazon to disclose details when a customer purchases computing resources beyond a certain threshold. This revelation has sparked worries within the crypto community, as the report considers computing power a “national resource.” Activities such as mining Bitcoin, developing video games, and running complex AI models like ChatGPT demand substantial computing power.
This move could have far-reaching consequences, especially for the Bitcoin network, which relies on energy-intensive mining operations to validate transactions. In fact, the Bitcoin network consumes more electricity annually than some small countries. With China’s ban on Bitcoin mining in 2021, the U.S. has become a hub for Bitcoin miners.
This development, if enforced, might lead to increased scrutiny of cloud service providers catering to significant crypto industry players. The potential impact is being likened to “Operation Choke Point,” a controversial initiative that targeted specific industries by restricting their access to banking services.
As the crypto industry faces yet another potential challenge, experts and insiders are closely watching for any official announcements from the Biden administration. The outcome of this executive order could significantly influence the future of cryptocurrencies, making it a topic of intense discussion and concern within the crypto community. Stay tuned for updates as this story unfolds.
