Crypto Quill

U.S. President Joe Biden has sparked a wave of speculation and excitement in the crypto community with his latest social media post. On Sunday, Biden shared a picture of himself with glowing red eyes, a meme that is often associated with Bitcoin supporters. However, the meaning behind his post may not be what it seems.

What are the laser eyes?

The laser eyes meme is a popular way of expressing support and enthusiasm for Bitcoin and other cryptocurrencies. It originated from a campaign that aimed to drive Bitcoin’s price to $100,000 by the end of 2021, a goal that was not achieved. Many prominent figures, such as NFL star Tom Brady, Paris Hilton, and Elon Musk, have adopted the laser eyes on their profile pictures to signal their bullish outlook on crypto.

The meme is also seen as a symbol of camaraderie and collective identity within the crypto community, as well as a form of resistance against the status quo and the traditional financial system.

Why did Biden post it?

Biden’s post, which was captioned “Just like we drew it up”, was made shortly after the Kansas City Chiefs won the Super Bowl, beating the San Francisco 49ers. The post was likely a reference to Biden’s prediction of the game’s outcome, as he had expressed his support for the Chiefs earlier.

However, many crypto enthusiasts interpreted his post as a subtle nod to Bitcoin, or even an endorsement of the digital asset. Some commented that Biden was a “Bitcoin maxi” or a “crypto influencer”, while others joked that he was making a strategic move to appeal to Bitcoin maximalists ahead of the 2024 election.

Is Biden pro-crypto?

Biden himself has not expressed any personal views or policies on cryptocurrencies. However, his administration has taken some steps to regulate and explore the potential of digital assets and central bank digital currencies. For example, the Treasury Department has issued guidance on reporting requirements for crypto transactions, and the Federal Reserve has announced plans to publish a paper on a digital dollar this year.

Some crypto advocates, such as hedge fund veteran Anthony Scaramucci, have encouraged the crypto community to rally behind Biden, arguing that he is more open-minded and progressive than his predecessor, Donald Trump, who has been vocal in his criticism of Bitcoin. However, others, such as Representative Dean Phillips, have questioned Biden’s ability to understand and lead the country in the era of crypto innovation, given his age and stage of life.

What does this mean for crypto?

Biden’s laser eyes post may not have been intended as a crypto statement, but it certainly generated a lot of buzz and attention for the industry. It also showed how the laser eyes meme has become a cultural phenomenon that transcends the crypto space and reaches mainstream audiences. Whether Biden will embrace or shun crypto in the future remains to be seen, but his post has certainly added some fuel to the fire of crypto speculation.