Bitcoin’s low-volume rally came as stocks in the U.S. also rose in a week that’s traditionally marked by light but bullish trading. Muyaoshen and JPRubin23 report
A politicized idea
For the past century, no one really questioned the nature and structure of our systems of money. Money was issued by governments and it was run by banks. End of story. With the emergence of Bitcoin, there was suddenly a new way to think about things. But for most of its existence, the political class felt it could simply ignore it.over the infrastructure bill, most importantly in the U.S.
Around the same time, the conversation around stablecoins as alternatives to central bank digital currencies started taking on greater appreciation in Washington. Randal Quarles, who was vice chairman of the Federal Reserve until he resigned from the post in November, even argued thatcould bolster U.S. power overseas by tapping into private sector innovation that central banks inherently won’t have access to.
Finally, in December, a crypto hearing in the House of Representatives revealed something that none of us would have predicted a year ago: some very well-informed questions from lawmakers. It seems that many in Congress have finally done their crypto homework.
What few saw coming was that China would also forfeit a dominance of bitcoin mining that it had for many years by launching a crackdown against such operations around the country. That led to a massive drop in the Bitcoin network’s capacity, as about half of the global hashrate, or computing power, shut down. But that hash power soon moved elsewhere, and especially to the U.S., the U.S. had become the biggest mining location in the world.
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