• Joe Biden is widely considered to be the most anti-crypto President in the history of the U.S.
• He has proposed a 30 percent tax on all crypto mining operations, and his infrastructure bill requires all crypto holders to report transactions exceeding certain numbers to the IRS.
• Biden also signed multiple trillion-dollar spending bills into law that have caused record inflation and sent crypto prices plummeting.
Joe Biden and Crypto
Joe Biden has been dubbed as one of the most anti-crypto leaders in American history. He has proposed a 30 percent tax on all crypto mining operations, as well as an infrastructure bill that requires all crypto holders to report transactions exceeding specific amounts to the IRS. Additionally, he has signed multiple trillion-dollar spending bills into law that have resulted in record inflation and sent crypto prices plummeting.
Biden’s Plans for Crypto
When Joe Biden was running for office in 2020, some democratic hopefuls promised they would work to make cryptocurrency more mainstream if elected. However, since taking office, Biden has done anything but attempt to make this happen; instead, he has taken steps towards regulating it further and making it less accessible for everyday people.
Infrastructure Bill
In 2021, Biden signed an infrastructure bill into law that required all crypto holders to report their transactions exceeding particular numbers to the IRS each April 15th beginning in 2024. This new legislation was seen by many as a way of attempting to shut out the entire industry from traditional financial products like checking accounts or even debit cards.
Trillion Dollar Spending Bills
Biden also signed multiple trillion dollar spending bills into law which caused rampant inflation across various sectors of the economy and dropped cryptocurrency prices drastically throughout 2022 – leading many analysts at the time believe it could be a sign of an impending crash in digital assets altogether.
Conclusion
Although Joe Biden began his term with promises of making cryptocurrency more mainstream and easier for everyday people access, recent steps taken by him show he is anything but open-minded when it comes this form of currency – potentially going down as one of the most anti-cryptocurrency Presidents in American history should these measures stick around long enough for him leave office in 2028
