For the very first time, cryptocurrency has been added to the joint economic report. The US Congress has dedicated an entire section solely to crypto and blockchain technology.
The report contains analysis and recommendations for the following year.
According to the report, many people in the Federal Reserve won't call Bitcoin a currency yet, but a "speculative asset" instead. This is still a big leap from the "ponzi scheme", "fraud", or "pyramid scheme" that they were calling Bitcoin over the past 5 plus years!
Many other countries have began adding cryptocurrency and blockchain tech into their budgets, regulations, and research. Other countries have even developed or began developing their very own cryptocurrency. It makes you wonder if the United States will eventually do the same, or if another coin may replace the Federal Reserve at one point. One thing is for sure, and that is that banks and the Federal Reserve are very afraid of Bitcoin and cryptocurrencies as a whole.
The US Congress' survey of blockchain found it largely resistant to hacking, and that is something that is very needed in the world today. Every other week we hear of another company selling our personal information or getting hacked for it. This is just another one of the plethora of problems blockchain technology will eventually solve.
I am glad to see Bitcoin and crypto breaking further into the mainstream, and I believe that it will help it's long term price.
Stay High,