Bitcoin loves flirting with the mainstream. But now, as the U.S. president says he wants to get serious, it may be getting cold crypto feet.
When Joe Biden ordered officials to prepare reports on the role of cryptocurrencies in future finance last Wednesday, bitcoin leapt as much as 9% and ether 8%, as many crypto fans hailed a potential milestone in mainstream acceptance.
That seems a muted market reaction to the White House's first formal pronouncement on crypto - though who can truly understand bitcoin, still licking its wounds from China's rejection and nursing nagging disquiet it's losing its identity.Some industry watchers see bullish signs for bitcoin, saying the presidential announcement could presage U.S. regulations on crypto that will draw far more institutional money from the likes of pension funds and insurance firms.
For one thing, it's not clear who's going to be the crypto sheriff, or for that matter whether crypto should be treated as a security or commodity.
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