Bitcoin and the wider cryptocurrency market faces new troubles that hints at greater uncertainty. These issues affect recent crackdowns in the US and FED actions already rattled Bitcoin prices.
Forbes has reported that soon the US President Joe Biden may issue an executive order on artificial intelligence (AI), potentially shaking the crypto world further.
An expert on issues like this said the crypto sector might soon hear “alarm bells” ringing louder.
Sources are revealing that the executive order could force tech giants such as Microsoft, Google, and others to divulge information when customer processing power purchases exceed set thresholds.
Activities attached to Bitcoin mining, video game development, and AI model operations, such as ChatGPT, hang on substantial computing prowess.
Bitcoin miners networks are powerful. They they employ robust computers to authenticate transactions and are rewarded with newly minted BTC. Annually, the energy consumed by this system rivals the consumption of several smaller nations.
An expert speculates that Bitcoin mining could soon be viewed as someone is “stealing electricity from families.” There’s also a rising notion that channeling resources into the crypto arena might divert developer expertise from more meaningful endeavors.
As details continue to unravel, one thing is clear: the upcoming executive order on AI can potentially send shockwaves throughout the cryptocurrency landscape. Let’s hope it doesn’t but stakeholders await the full scope of its implications, while the initial outlook spells heightened caution.
