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Biden is anticipated to ask a number of agencies to investigate the feasibility and hazards of a central bank digital currency (CBDC) in the United States, which could require congressional approval.
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Investors are keeping a close eye on how cryptocurrency companies like Coinbase are reacting in the face of ever-increasing sanctions on Russia, emphasising the decentralised nature of cryptocurrencies.
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The industry's participation in the conflict has highlighted the evolution and maturity of digital assets while reigniting discussion over their position in the global financial system.
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The fund is betting on the price of bitcoin, ether, and other cryptocurrencies, as well as looking for currency arbitrage and investing in blockchain technology.
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As economic sanctions push the ruble to the brink of collapse, pressure is rising on the cryptocurrency industry to limit access to Russians.
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Cryptocurrencies backed by gold are becoming a more attractive option for traders looking to avoid rising market volatility and the risk of stagflation.
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The director of the Federal Bureau of Investigation, Christopher Wray, feels that individuals and companies attempting to circumvent sanctions are more likely to employ fiat currency rather than cryptocurrency.
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The impact of Western sanctions on Russia would be amplified if all cryptocurrency activity were blocked.
Experts are divided however, about whether it would cause more harm than good.
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The Korean won is now the third most preferred currency for Bitcoin-to-fiat conversions, and South Korea is now the world's third-largest crypto trading market, according to some estimates.
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