United States President Joe Biden released an announcement on March 11th Executive orderHe encouraged the Federal Reserve’s continued research into a potential U.S. central banking digital currency.

The order emphasized that the market capitalization of digital assets had surpassed $3 trillion in November — with (BTC) representing more than half of the total value of all cryptocurrency and peaking at over $60,000 — up from just $14 billion five years prior. For comparison’s sake, the U.S. money supply (M1) in the same month was $20.345 trillion.