Joe Biden won the 2020 presidential election after defeating the incumbent Donald Trump. The current president has outlined many priorities and signed many executive orders since taking office, including some dealing with cryptocurrency regulation.
Here’s a look at how some of the top cryptocurrencies have performed during Biden’s time in office.
What happened: In 2022, Biden signed an executive order “to establish the first-ever comprehensive federal digital asset strategy for the United States.” The proclamation was put in place to establish regulation of cryptocurrency.
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“A U.S. approach to digital assets is one that encourages innovation but reduces risk to customers, investors and businesses, broader financial stability and the environment,” the White House said after the order was signed.
Things like the COVID-19 pandemic, rising inflation, and an invasion of Ukraine by Russia led to spikes in the prices of several of the top cryptocurrencies in early 2022.
The collapse of several cryptocurrency companies and the bankruptcy of FTX would send the prices of major cryptocurrencies down significantly in the later part of 2022.
Related link: 5 things you may not have known about Joe Biden
Invest $100 in Bitcoin, Ethereum and Dogecoin: Biden was elected to the presidency in November 2020 and was sworn in as the 46th President of the United States on January 20, 2021.
Here’s a look at how $100 invests in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (KRYPTO: DOGE) has performed during the time Biden has been president.
Starting prices (January 20, 2021):
- Bitcoin: $36,378.33
- Ethereum: $1,405.74
- Dogecoin: $0.0092
Current price (March 11, 2023)
- Bitcoin: $20,476.89
- Ethereum: $1,463.27
- Dogecoin: $0.06621
Here’s how much that $100 investment would be worth today:
- Bitcoin: $56.29
- Ethereum: $104.09
- Dogecoin: $719.67
The total investment of $300 on January 20, 2021 would be worth $880.04 today, representing a return of 193.3% in just over two years.
Read next: 25% billionaire tax, closing breaks for big oil, crypto: What Biden is reportedly considering in the budget proposal
Photo: Shutterstock
