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Cryptocurrency Use Explodes- Biden Signs Executive Order

March 9, 2022

Bitcoin and cryptocurrency regulation in the United States
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According to the Associated Press, “President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.”

This news comes as Redfin announced that 1 in 9 new home owners are using cryptocurrency gains to help make down payments on their first home. According to Sam Wigness, a writer for Home.com, “In the fourth quarter of 2021, 11.6% of first-time homebuyers said they sold investments in cryptocurrency to accumulate money for a down payment. That’s up from 4.6% in 2019 and 8.8% in 2020, according to an annual survey sponsored by real estate brokerage Redfin and conducted by research company Lucid.”

Using cryptocurrency could become a house hold trend in the future, depending on regulations by the U.S. government. “The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official” speaking to the Associated Press.

What does this mean for the average household? No one knows for sure, just yet. This executive order has been widely anticipated by the finance industry, including mortgage originating companies and banks. As well as by crypto traders, speculators and lawmakers who have compared the cryptocurrency market to the Wild West.

NBC News reported that “Although a U.S. digital currency would not necessarily change much in terms of everyday experiences like buying goods and services, economists say it could transform central and commercial banking, as well as government sanctions, banking accessibility and taxes”

Do you hold cryptocurrency? Are you curious how to use these funds to buy a home as a first-time homebuyer? Contact one of our licensed loan officers today to find out what you can do.

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