Notable Cryptocurrency Report from the White House: ‘Failed to Meet Expectations!’

White House A new report by cryptocurrencies reveals that it has failed to deliver on its initial promises, raising risks for both consumers and the entire US financial system.

Cryptocurrency Report Coming From The White House

The President’s annual economic report to Congress casts great doubt on the benefits of digital assets. This report comes almost exactly one year after President Joe Biden instructed multiple federal agencies to investigate and publish reports on the matter.

Noting that digital assets are touted as means of distribution for intellectual property and financial value, a better payment mechanism, a way to increase financial inclusion, and a way to eliminate financial intermediaries, the report argues that “so far, cryptoassets have not provided any of these benefits.”

“Indeed, to date, crypto assets do not seem to offer investments of any fundamental value,” the report by the Biden administration said. statements were included.

It does not act as an effective alternative to fiat money, does not improve financial inclusion or make payments more efficient;

“There is also tension in promoting an asset as both money and investment,” the report says. “As money, the instrument should have a stable value and show limited price volatility.

But as a risky asset, it must experience price volatility, which the investor will be compensated by a high expected return. Everything else held constant, the riskier an asset is, the less likely it is to function effectively as money.”

According to the report, this includes the possibility of stablecoins becoming a widely adopted means of payment.

*Not investment advice.

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