Biden’s Crypto Executive Order Could Push This Stock Higher

Bitcoin, Cryptocurrency, The Fed

Bitcoin’s value was cut nearly in half over the last few weeks: from a high of $68,978, it dropped to a low of about $35,000. However, after catching major support, Bitcoin is showing strong signs of life, thanks in large part to President Biden’s executive order on cryptocurrencies and institutional buying.

Translucent floating coin with the Bitcoin logo on it.

According to CNBC: “Biden’s executive order attempts to address the lack of a framework for the development of cryptocurrencies in the U.S., which critics say could leave the country’s industry behind the rest of the world.” The order also directs the U.S. government to explore a potential central bank digital currency.

On top of that, hedge funds are pouring billions of dollars back into cryptocurrencies. As Michael Botlo, who ran the quantitative-trading fund Quantbot, told The Wall Street Journal: the “crypto universe is now liquid and large enough to be tradable… Hedge funds are seeing their own investors demand that the firms get involved.”

So, how can the average investor potentially cash in on the boom?

There are two ways. One way is to invest directly in cryptocurrencies, like Bitcoin.

The second way is to invest in cryptocurrency mining stocks, like Marathon Digital Holdings (MARA), which typically track the movements of Bitcoin.

Even better, Marathon is well exposed to the Bitcoin boom.

In February, the company produced 360.3 self-mined Bitcoin—a nearly 730% year-over-year jump. Marathon also increased its total Bitcoin holdings to about 8,956 BTC, which carries a current market value of about $374,561,503 based on a current (as of this writing) BTC price of $41,822.41. In short, with President Biden’s executive order and growing demand from institutions, Bitcoin could see higher highs moving forward. If that’s the case, investors may want to look for opportunities in cryptocurrencies and mining stocks.