In March 2022, President Joe Biden signed Executive Order 14067, which directed the Federal Reserve to weigh the risks of using digital currency and research the possibility of using a central bank digital currency. This was followed by the Treasury Department’s publication of three reports in September, which identified the challenges and risks of digital assets used for financial services.
However, a recent Instagram post claimed that Biden had announced the United States would now use cryptocurrency instead of cash. This post was flagged by Meta, a partner of Facebook and Instagram, as false news and misinformation.
It is clear that Biden did not replace the U.S. dollar with cryptocurrency, nor did he transform the dollar into a cryptocurrency. We rate this claim False.