Joe Biden Net Worth, Crypto and NFT Investments

The net worth Joe Biden is estimated to be $9 million in 2023. He was sworn in as the 46th President of the United States on January 2021. Despite serving in various capacities in the U.S. government, Joe Biden built his net worth by engaging in book and speaking deals. The President is said to be the author of a memoir titled; “Promise Me, Dad.”

Also, he went on a book tour and held various speaking engagements alongside his wife after leaving office as Vice President in 2017. Notably, he was able to amass over $17.8 million from book sales and speaking engagements at that time. These deals soared the net worth of Joe Biden to $8 million in 2021.

It is worth establishing that Biden also served as an honorary professor at the University of Pennsylvania between 2017 to 2021. During this period, he assisted in developing the Penn Biden Center for Diplomacy and Global Engagement.

Joe Biden’s Net Worth

Early Life

Joseph Robinette Biden Jr. was born on November 20, 1942, in Scranton, Pennsylvania. He is the oldest child of a Catholic family of Catherine Eugenia and Joseph Robinette Biden Sr. His paternal family was said to have emigrated from Westbourne, England to Maryland, United States in 1820. Biden enjoyed a good upbringing due to the success and wealth of his father. 

However, things began to change negatively for the family after Joe Biden’s father encountered some setbacks in his business. Due to that, the family relocated to live with his maternal grandparents in Scranton. During this period, young Biden was only seven (7) years old. While at Scranton, his father became a used-car salesman. The success of his new business provided enough money to help him sustain the family. Eventually, the family moved to an apartment in Claymont, Delaware.

At Claymont, Joe Biden enrolled in Archmere Academy. However, he wasn’t academically sound but was good in sports. While in the school, he joined the school baseball team and was outstanding as a halfback and wide receiver. Also, Biden served as the class president during his junior and senior years. Around 1961, he graduated from Archmere Academy and proceeded to the University of Delaware in Newark. There, he earned a Bachelor of Arts degree with a double major in history and political science. 

Meanwhile, Joe Biden didn’t stop there. In 1968, he bagged a Juris Doctor from the Syracuse University College of Law. Following his graduation, he served as a clerk at a Wilmington law firm under the leadership of William Prickett, a local popular Republican. At this time, he had started developing interest in politics. In 1969, young Biden was admitted to the Delaware Bar. 

The U.S. first man started his legal career in 1969 after he was admitted to the bar as a public defender. He also served at the Wilmington law fir. Later, Joe Biden alongside another attorney founded a law firm. Initially, he was undecided as to the area of law to focus on. Biden has always considered criminal law unattractive due to its low pay. In the end, he resolved to specialize in property law.  

Early Political Career

While at the Wilmington law firm, Biden was already participating in local politics. At that time, he believed in the Republican ideology and thus despised the conservative racial stance of the then-governor of Delaware Charles L. Terry who was a Democrat. In 1968, Joe Biden supported Russell W. Peterson, a Republican candidate against Charles L. Terry. He joined the Republicans in his local community but registered as an Independent. This was due to his mixed feeling about the then Republican presidential candidate Richard Nixon. 

However, in 1969, Joe Biden re-registered as a Democrat. The following year, he contested for the 4th district seat at the New Castle County Council on a liberal platform and consequently floored Republican Lawrence T. Messick at the general elections. He was sworn in on January 5, 1971, and left office on January 1, 1973. While in office, he disagreed with the large highway projects, insisting that they would disrupt Wilmington neighborhoods.

Senatorial Career

After Joe Biden completed his term at the county council, he decided to push for a senatorial ambition. His campaign activities were restricted due to insufficient funds. But, he was supported by members of his family who volunteered to work as members of his campaign team. They did house to house campaigns and were able to convince the majority to his side. In 1972, Biden defeated Republican incumbent J. Caleb Boggs to represent Delaware at the U.S. senate.

At first, Joe Biden trailed his opponent by a wide margin but eventually won by 50.5% owing to his commitment to campaigns, connection to voters’ emotions, and his attractive young family.

In January 1973, he was sworn in by Secretary of the Senate Francis R. Valeo. At that time, he was one of the youngest to be elected into the lofty position. Upon the expiration of his tenure, young Biden was reelected once again into the Senate. He spent six (6) as a senator representing the good people of Delaware.

During his first term as senator, Joe Biden focused on consumer protection and environmental issues. He advocated for government’s commitment to addressing those issues. Biden also endorsed Jimmy Carter for President in the 1976 Democratic primary. He was the first U.S. senator to endorse Jimmy Carter, a man who later defeated the then incumbent Republican President, Gerald Ford.

Joe Biden was well-known in the Senate for his vibrancy. At a time, he criticized the Secretary of State George Shultz during a Senate hearing. The hearing focused on the Reagan administration’s support of South Africa despite its continued policy of apartheid. Likewise, Joe Biden was vocal against race-integration busing and also opposed the usage of federal funds for transporting students beyond the school closest to them. In 1977, Joe Biden co-sponsored an amendment to address the shortcomings in the student transportation program. By 1978, Jimmy Carter signed the amendment into law.

Also, Joe Biden worked on arms control. He alongside the President met Soviet Foreign Minister Andrei Gromyko. The meeting emanated after Congress failed to approve the SALT II Treaty signed in 1979 by Soviet General Secretary Leonid Brezhnev and President Jimmy Carter. During the meeting, Joe Biden and President Jimmy Carter reflected on American concerns and secured changes that addressed the Senate Foreign Relations Committee’s objections. In 1981, Joe Biden became the ranking minority member of the Senate Judiciary Committee. Also, in 1984, he oversaw the successful passage of the Comprehensive Crime Control Act as the Democratic floor manager.

During his six terms as senator representing Delaware, Biden pushed for the reformation of some bad provisions. Around 1987, he declared his intention to contest for the Presidency but later withdrew from the race. In 1991, Joe Biden as a senator kicked against the authorization for the Gulf War. He collaborated with the majority of Democrat senators to argue that the burden of the anti-Iraq coalition was having a toll on the U.S. 

Similarly, Joe Biden developed an interest in the Yugoslav Wars when he learned about the Serbians’ abuses in 1991. He was the first among many that called for the “lift and strike” policy after the Bosnian War unfolded. However, both the George Bush and Clinton administrations hesitated on adopting the policy due to the Balkan entanglement. Joe Biden attempted to compel the Bush administration to provide firearms for the Bosnian Muslims. He relaxed his stance regarding the issue during the Clinton administration.

In 1993, Joe Biden held an intensive talk meeting with Serbian leader Slobodan Milošević. During the meeting, he identified Slobodan Milošević as a war criminal. His effort regarding the conflict birthed a successful NATO peacekeeping effort. In the same year, Joe Biden also supported a provision that ousted same-sex marriage in the military. More so, he supported the Defense of Marriage Act to prevent the federal government from supporting same-sex marriage.

His activeness in the Senate saw him sponsor the bankruptcy legislation proposed by credit card issuers. Although Bill Clinton vetoed the bill in 2000, it managed to scale through in 2005, becoming the Bankruptcy Abuse Prevention and Consumer Protection Act. Joe Biden was the only Democrat that supported the bill then. Other prominent Democrats and consumer rights organizations opposed it.

In 1997, Joe Biden became the ranking minority member of the Senate Foreign Relations Committee. He also chaired the committee between 2001 to 2003 and 2007 to 2009 respectively. While overseeing the committee, Joe Biden met with more than 150 leaders from top countries and international bodies. His efforts earned him a reputation as the leading Democratic crusader on foreign policy. During the Kosovo War in 1999, he pushed for the bombing of FR Yugoslavia by NATO.

It is worth mentioning that Joe Biden strongly supported the war in Afghanistan. In 2002, while serving as the head of the Senate Foreign Relations Committee, Joe Biden labeled Saddam Hussein as a threat to national security. He then called for his elimination. Backing his views, Joe Biden voted in support of the authorization for the use of military force against Iraq in October 2002. Later on, Joe Biden softened his stance regarding the issue but refused to withdraw totally. 

Vice Presidency

Initially, Joe Biden had interest in contesting as a Presidential candidate in the November, 2008 elections. But, his campaigns to that effect were greeted with numerous controversies owing to the costly blunders in some of his speeches. This development forced him to withdraw from the race. Following his withdrawal, he met Obama and they both agreed to work together.

Around August 2008, after numerous meetings, Barack Obama announced Joe Biden as his running mate. Reports indicated that he earned the ticket due to his experience in foreign policy and national security. Also, some pointed out Joe Biden’s popularity among the middle-class and blue-collar voters as the reason he was selected. The nomination of Joe Biden became official on August 27, 2008, at the Democratic National Convention in Denver.

Joe Biden’s vice-presidential campaign received little media attention. In an effort to improve his speeches and avoid unnecessary blunders, he stopped making offhand remarks. Unfortunately, he still continued to make errors in some of his speeches during the campaign. These blunders infuriated Barack Obama, thereby causing a gap in the relationship between the two. Later, Joe Biden called Barack Obama to apologize. The call mended their broken relationship as they both formed a formidable partnership to ensure their election.

After the call, Joe Biden paid more attention to his comments during campaign speeches. On October 2, 2008, Joe Biden participated in the vice-presidential debate with Palin at Washington University in St. Louis. Post-debate polls revealed that Joe Biden won the debate. With his victory at the post-debate polls, Joe Biden’s campaign for the Vice Presidency gained more boost. On November 4, 2008, Barack Obama and Joe Biden defeated their rivals after recording 53% of the popular votes and 365 from electoral college.

Despite running for Vice President, the Delaware law permitted Joe Biden to seek re-election to the Senate. He also won his reelection to the Senate as he defeated Republican Christine O’Donnell. Eventually, he resigned as a senator on January 15, 2009, to focus on his administration as the Vice President. 

Joe Biden before his inauguration spoke about his willingness to emulate Dick Cheney, the Vice President of George Bush. On January 20, 2009, he was sworn in as the 47th Vice President of the United States. Upon his inauguration, he became the first Vice President from Delaware and also the first Roman Catholic member to hold such a position.

Barack Obama heaped praises on Joe Biden for his effortless contribution to the administration. As Vice President, the former senator visited Kosovo in May 2009 to emphasize the position of the U.S. regarding its independence. He gained influence in the Barack Obama administration after the President reevaluated Joe Biden’s Afghanistan strategy. Before then, Joe Biden lost an internal debate with Secretary of State Hillary Clinton about sending 21,000 new troops to Afghanistan.

Meanwhile, Joe Biden championed the administration’s efforts on foreign relations and policy. Owing to that, he visited Iraq every two (2) months, earning himself the role of Barack Obama administration’s point man in communicating with the leadership of the country. Barack Obama entrusted him with the responsibility of overseeing the Iraq policy of the administration. However, his responsibility regarding Iraq was relaxed after the U.S. troops left the country in 2011. By 2012, Joe Biden already made eight (8) visits to the country.

Another testimony of his heavy involvement in the administration came into play in March 2011 after he was assigned by Obama to lead the negotiations with Congress to resolve federal spending levels for the rest of the year and avoid a government shutdown. At that time, Biden had already cemented a good relationship with Republicans in the Congress. So, he was able to convince the Republicans to support the Budget Control Act of 2011, which was later signed on August 2, 2011. His contribution to the administration encouraged Obama to select him again as his running mate.

In October 2010, Joe Biden disclosed that Barack Obama asked him to remain as his running mate for the 2012 presidential election. During that period, Obama’s reputation among the electorates had suffered a substantial decline. This led to the consideration of Hillary Clinton as another potential running mate.

Joe Biden strained his relationship with Barack Obama in May 2012, after he said he was comfortable with same-sex marriage. The statement shifted more attention to Joe Biden, but annoyed Barack Obama. This was because Obama felt Biden made the statement without proper consultation. The comment encouraged Gay rights advocates who pressurized Obama to support the act. In the end, Obama bowed to pressure and consequently declared support for same-sex marriage. Later, Joe Biden apologized to Barack Obama.

As the running mate to Obama, Biden attended a vice-presidential debate with Republican nominee, Paul Ryan. There, he defended the policies and achievements of Obama’s administration. On November 6, 2012, Joe Biden was reelected alongside Barack Obama after pulling 332 out of 538 electoral college votes and 51% of the popular votes.

Prior to their inauguration, Barack Obama made Joe Biden the head of the Gun Violence Task Force. The Task Force focused on the reduction of school shootings and severally introduced measures to combat the menace. Joe Biden’s relationship with the Republicans proved pivotal once more as he negotiated a deal that led to the passage of the American Taxpayer Relief Act of 2012 in early 2013. On January 20, 2013, Joe Biden was inaugurated for a second term.

However, the Senate major leader, Harry Reid, and other top Democrat senators reduced Joe Biden’s role in negotiating the passage of bills in the congress. Owing to that, he played a minimal part in the negotiation that led to the passage of the Continuing Appropriations Act of 2014, in October 2013. The act was aimed at resolving the federal government shutdown of 2013 and the debt-ceiling crisis of 2013. 

Despite his reduced role, Joe Biden’s bill on the Violence Against Women Act gained more attention in 2013. The act birthed more developments relating to the White House Council on Women and Girls which was first initiated during the first term of the Obama Administration. Also, the act led to the introduction of the White House Task Force to protect students from sexual assault.

Around 2014, the ISIL insurgency in Iraq gained momentum, thereby forcing the administration to revisit the Biden-Gelb Iraqi federalization plan of 2006. Joe Biden, at the time, proposed the provision of arms for rebel fighters in Syria. Driven by his wealth of experience, he was assigned by Obama to oversee the region. Due to that, Joe Biden visited the region sixteen (16) times throughout his tenure as the Vice President. His visit to the region is the most by any President or Vice President. His effort to establish good relationship with other world leaders made him visit Serbia in August 2016. During the visit, he met the Serbian Prime Minister, Aleksandar Vučić. Joe Biden extended the condolences of the Obama administration to the victims of the bombing during the Kosovo war. 

As the Obama-led administration was getting to its dead end, many tipped Biden to succeed him. Also, Joe Biden, on various occasions, affirmed his interest but had to make a U-turn following the death of his son.

Presidency

Between 2016 to 2019, various media outlets and political observers tipped Joe Biden to contest for President in 2020. Despite the speculations, Joe Biden tried to downplay the possibility. After much persuasion and consultation, he declared his interest to run and officially launched his campaign on April 25, 2019. Consequently, various public polls began to affirm Joe Biden as the leading Democratic candidate to go head-to-head against Donald Trump. This thus fetched him more supports from fellow Democrats.

As Joe Biden’s reputation and chances increased, he became the subject of various accusations from Donald Trump. Reports alleged that Donald Trump pressured Ukraine President, Volodymyr Zelenskyy to investigate Joe Biden and his son. However, the investigation failed to produce any evidence of misconduct by the Bidens. The issue backfired on Donald Trump as many perceived it as an attempt to dwarf Joe Biden’s chances. Also, it resulted in a political scandal for Donald Trump, causing his impeachment by the House of Representatives for abuse of power and obstruction of Congress.

Lt. Col. Alexander S. Vindman’s testimony made clear what we already knew: Donald Trump pressured Ukraine to interfere in our elections on his behalf and the White House tried to cover it up.

We cannot let Trump get away with this abuse of power. He must be impeached. https://t.co/xiPCorMtsJ

— Joe Biden (@JoeBiden) October 30, 2019

On April 8, 2020, one of the aspirants in the party, Bernie Sanders suspended his campaign and endorsed Biden for the presidency. The following day, former President Barack Obama also endorsed Joe Biden. Joe Biden made no hesitation to pick S. Senator Kamala Harris of California as his running mate on August 11, 2020 following his emergence as the flagbearer of the Democrats. The selection of Kamala Harris made her the first African American and first South Asian American vice-presidential nominee on a major-party ticket. Joe Biden’s official nomination was made known at the 2020 Democratic National Convention.

After a closely contested election, Joe Biden was elected the 46th president of the United States in November 2020. Meanwhile, Donald Trump refused to concede defeat, alleging that the mandate was stolen from him via electoral fraud. As expected, Trump challenged the result at the court, and Joe Biden’s inauguration was delayed under the directive of the White House. On November 23, the General Services Administrator, Emily Murphy intervened and declared Joe Biden as the winner of the 2020 election. The administrator then authorized the commencement of Joe Biden’s transition into the White House. 

After numerous controversies including an attack on the Capitol by Donald Trump’s supporters, Joe Biden was inaugurated as the 46th President of the United States on January 2021. He assumed office at the age of 78, making him the oldest person to ever achieve such a feat. Donald Trump boycotted the inauguration. During the inauguration, heavy security measures were put in place against any resistance from Donald Trump’s supporters. 

Upon his inauguration, Joe Biden swung into action immediately. He signed about 17 executive orders in his first two days in office. On February 4, 2021, Joe Biden withdrew support for the Saudi-led bombing campaign in Yemen. As a result of the US-Taliban agreement, he ordered the withdrawal of American forces from Afghanistan in 2020. The agreement set May 1, 2021 as the deadline for the withdrawal. On August 30, 2021, the U.S. military completed the withdrawal of 120,000 Americans, Afghans, and other allies from the country.  In the same month, the Senate passed a $1 trillion bipartisan infrastructure bill which was signed into law by the President. In late 2021, the Joe Biden administration signed a deal on greenhouse gas emission reduction. 

He began 2022 by issuing a directive for a counterterrorism raid on northern Syria. The raid resulted in the death of Abu Ibrahim al-Hashimi al-Qurashi, the second leader of the Islamic State. In late July, Biden authorized the drone strike that killed Ayman al-Zawahiri, the second leader of al-Qaida.

In February, 2022, the U.S. President responded to the Russian Invasion of Ukraine by imposing sanctions on the Kremlin. Also, the Biden administration approved more than $8 billion worth of ammunition shipments to support the Ukraine resistance. The following month, the White House requested an approval for $33 billion for Ukraine from Congress. Biden has consistently criticized Russia’s attack on Ukraine. At one point, he blamed Vladimir Putin for the Food and Energy crisis that ravaged Europe amid the war.

Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world.

To help deal with that, yesterday I authorized the release of 1 million barrels per day for the next six months from our Strategic Petroleum Reserve.

— Joe Biden (@JoeBiden) April 2, 2022

Meanwhile, the Biden Administration continued its internal reforms despite his activeness in the international community. In April 2022, he approved the bipartisan Postal Service Reform Act of 2022 in an effort to rejuvenate the finances and operations of the United States Postal Service agency. A few months later, he also signed the Bipartisan Safer Communities Act to address the ownership of guns after the Robb Elementary School shooting in Uvalde, Texas.

On August 9, 2022, Joe Biden signed the CHIPS and Science Act into law. Through the act, the Biden Administration invested billions into domestic research and manufacturing of semiconductors in the country. With the funds, Joe Biden intended to take the United States in a position that will see it rival China economically.

Despite his huge commitment to various local and international reforms, Joe Biden is a committed party man. He offered support to candidates of his party during the 2022 mid-term election. Joe Biden’s effort ensured that the Democratic party maintained its majority status in the Senate.

Meanwhile, ln February 20, 2023, four days before the anniversary of Russia’s invasion of Ukraine, Joe Biden paid a surprise visit to Kyiv. There, he met with President Volodymyr Zelenskyy and the first lady of Ukraine Olena Zelenska. During the visit, he pledged that the commitment of his administration to providing more support for Ukraine to resist the invasion. 

However, his administration came under huge scrutiny following the collapse of major banks in the country. In his defense, Joe Biden blamed the partial rollback of Dodd-Frank regulations for the bank crisis. On April 25, 2023, he officially disclosed his intention to seek reelection for the Presidency in 2024.

I believe America is big enough for all of us to succeed. That is the nation we’re building: one where no one is left behind.

Let’s continue the fight together: https://t.co/KPpn7xBD3z

— Joe Biden (@JoeBiden) June 21, 2023

Following the announcement, he appointed Julie Chávez Rodriguez and Quentin Fulks as the leaders of his campaign team. Other members of the team include Lisa Blunt Rochester, Jim Clyburn, Chris Coons, Tammy Duckworth, Jeffrey Katzenberg, and Gretchen Whitmer. He also called on his supporters to donate to his reelection bid.

Is Joe Biden Pro Crypto?

Joe Biden is an established critic of crypto assets. His belief is that the risks enveloped in the market pose a great danger to the country’s financial sector. Driven by his tough stance on cryptocurrency, the U.S. President has continuously initiated numerous measures to restrict its exploration. Some of these measures include a whopping 37% tax on short-term capital gains, a 25% tax on long-term capital gains, and many more.

His administration views crypto market as a lawless jungle filled with outright scams and thus consider it necessary to protect U.S. investors from such risks. More so; Biden considers mining of crypto; particularly Bitcoin as a threat to the country’s climate change agenda. This is certainly not unconnected to the fact that the process consumes a large amount of energy, thereby causing environmental pollution. According to the White House, “powering crypto assets can take a large amount of electricity — which can emit greenhouse gases, strain electricity grids, and harm some local communities with noise and water pollution.”

Driven by Biden’s pessimism about the potential of cryptocurrency, his administration proposed the launch of the digital dollar. In the proposal, it was proposed that the asset will be fully controlled and regulated by the Fed. It is worth mentioning that Biden has reservations about the decentralized nature of crypto assets; saying the attribute makes the industry vulnerable to a lot of manipulations.

On numerous occasions, his administration promoted the potential of the digital dollar; describing it as a better alternative to crypto. Biden is optimistic that the digital dollar could help facilitates faster cross-border transactions, and promote financial inclusion by ensuring access for a “broad set of consumers.” A statement from the White House describes the digital dollar as an environmentally sustainable asset, stressing that it also “protect against cyber and operational risks, safeguard the privacy of sensitive data, and minimize risks of illicit financial transactions.”

Meanwhile, there are no indications that Joe Biden will soften his stance on crypto assets anytime soon. At the May 2023 G7 summit in Hiroshima, Japan, the U.S. President refuted claims that he is considering the proposal to reduce the heavy tax levied on crypto activities. He was quoted saying; “I’m not going to agree to a deal that protects wealth tax cheats and crypto traders while putting food assistance at risk for nearly 1 million Americans.”

Joe Biden’s Efforts Towards Crypto Regulation in the U.S.

Amid the growing popularity and adoption of cryptocurrency, Joe Biden has continued to show significant commitment toward regulating the industry in the United States. He holds a tough stance on these assets and has consistently demonstrated it through the strict regulatory measures initiated by his administration. His first major effort toward regulating the industry came in March 2022 after he issued an executive order to ensure responsible usage of digital assets in the country. 

Certainly, the order came into effect to primarily address the inherent risks associated with the crypto market and also to ensure that the country benefits from the prospects associated with these assets and their underlying tech. At that time, the government, through the order, identified six different priorities which include consumer protection, financial stability, financial inclusion, responsible innovation, economic competitiveness, and curbing illicit finance.

Through the order, Biden directed concerned government agencies to come up with measures capable of safeguarding consumers, investors, and businesses in the United States from the risks in the digital assets market. However, these laws, as spelled out in the executive order, must be consistent with the ones obtainable among U.S. allies. It also lays out plans to ensure the exploration of a digital dollar and as well prevent Russia from evading sanctions. More so, the President tasked relevant agencies to conduct appropriate oversight to effectively curtail national security issues fermented by the illicit use of digital assets.

Around September 2022, Joe Biden’s administration resolved to unveil its first federal framework for crypto assets. This framework covers the various priorities identified in the March, 2022 executive order. Recall that this order mandated concerned government agencies to come up with stern measures for the industry. Barely six months after, the agencies submitted their reports to the President, highlighting numerous recommendations.

One of the reports is from the White House Office of Science and Technology Policy (OSTC) which recommended environmental standards on crypto mining. The office lamented the enormous amount of energy consumed through the proof-of-work transaction-validation process in blockchains. Earlier, the OSTC had embarked on a research as directed by the President to assess the increasing activities of crypto miners and their implication on the country’s climate change objectives. Its findings show that crypto mining causes GHG emissions, and could threaten efforts by the government to “achieve a net-zero carbon pollution.”

The report affirmed that over 0.2% to 0.3% of global greenhouse gas emissions and 0.4% to 0.8% of domestic emissions are associated with crypto mining. It was also discovered that out of about 110 to 170 million recorded metric tons of carbon pollution across the world, 25 to 50 million are from the United States alone. It is not in doubt that the rising implication of crypto mining is a global issue that has put authorities on red alert. As of the time of writing, some countries have already placed a ban on mining.

Although the United States is yet to outrightly ban mining activities, the President has already proposed several restrictive measures. Specifically, these measures are geared toward increasing the tax burden on miners, traders, and investors of crypto assets. As observed in the first-ever regulatory framework in the country, Joe Biden wants to inflict a 30% excise tax on the electricity cost of crypto mining. This excise tax would be phased in over three years effective from December 31, 2023, to combat the alarming environmental effect of crypto mining.

The President also proposed a new minimum tax of 25% on all unrealized capital gains. This, by implication, affects wealthy crypto owners in the country who have chosen to continuously hold their assets. In a bid to seamlessly curtail money laundering and tax evasion, there is also another proposal mandating people to report crypto transfers of more than $10,000 to the IRS. It is worth establishing that all these proposals will make up a part of Biden’s budget plan for 2024.

The White House said it was prompted to initiate these measures owing to the various scams obtainable in the sector. It described the crypto market as a lawless jungle for consumers, citing a study that showed how a quarter of digital coin offerings had false promises of guaranteed returns. Ever since, the Biden administration has been urging the Congress to raise severe penalties for unlicensed transmission of money and as well, an amendment to existing federal statutes to enable the Justice Department prosecute digital-asset related crimes. 

“Outright fraud, scams, and theft in digital asset markets are on the rise: according to FBI statistics, reported monetary losses from digital asset scams were nearly 600% higher in 2021 than the year before,” the Biden administration submitted.

Meanwhile, the crypto community is not happy with Biden’s restrictive measures. As a matter of fact, some influential Bitcoin investors have reservations about the White House crypto climate and energy report, describing it as a false flag. One of them, Michael Saylor who is notable as a Bitcoin Billionaire said; “The latest White House Crypto Climate Change and Energy Report is full of misinformation generated and promulgated by unscrupulous crypto promoters in order to undermine #Bitcoin and champion their own interests.”

The latest White House Crypto Climate & Energy Report is full of misinformation generated and promulgated by unscrupulous crypto promoters in order to undermine #Bitcoin and champion their own interests. @nic__carter expertly debunks the propaganda.https://t.co/kW7sictekQ

— Michael Saylor⚡️ (@saylor) September 16, 2022

However, the Congress is currently divided; thereby foiling the passage of over 70 crypto and blockchain bills before it. The Congressional Republicans are critical of Biden’s hostile stance on crypto. Just recently, Republicans in the House Financial Services Committee questioned the White House’s Council of Economic Advisers for its harsh submissions on digital assets.

It is not in doubt that the division in the Congress on the right way to regulate the young industry has compelled Joe Biden’s administration to embark on a “go-it-alone” attitude, using interagency efforts to clamp down on crypto offerings. According to findings, the White House has resolved that the majority of the regulatory measures for digital assets were already covered under existing financial laws. 

Pete Sessions, a senior member of the House Financial Services Committee, as quoted by Forbes, said, “The White House is telling Congress they don’t need us to do anything regarding legislation for digital assets at this time.”

In January 2023, White House officials asked members of Congress to show more commitment to crypto legislation. The officials, Brian Deese, Arati Prabhakar, Cecilia Rouse, and Jake Sullivan, in a letter, admitted that tying digital currency with the broader financial system will amount to a “grave mistake.” They vowed on behalf of the Biden administration to sustain their effort in ensuring that the rise in cryptocurrency does not undermine the country’s financial stability.

The unfolding developments have heightened regulatory uncertainties in the country; forcing crypto firms to consider other jurisdictions. The Securities and Exchange Commission (SEC), an agency empowered to monitor the securities market has continued to identify crypto products as one of the assets under its purview.

Today; there are numerous cases in court to determine whether crypto assets can be classified as securities and subjected to existing financial laws or not. These cases were instituted by the agency against crypto firms, accusing them of offering unregistered securities to investors. As of the time of writing, the likes of Coinbase, Ripple, Binance, and many others have been sued. It has been said that the final outcome of these lawsuits will certainly set the tone for future regulation of the crypto industry in the United States.

Crypto and NFT Holdings of Joe Biden

Being a crypto skeptic, it is not surprising that Joe Biden has no exposure to the industry. As a matter of fact, he is not considering having a crypto portfolio in the future. By virtue of this, it is safe to say Biden’s mind is made up about crypto.

Around 2020, an 18-year-old hacker infiltrated the account of Joe Biden and a few other notable personalities to carry out a Bitcoin scam. According to findings, the individual, identified as Graham Ivan Clerk wanted to rob unsuspecting investors of their funds through the hacked accounts. He reportedly tweeted a link to a Bitcoin, saying “all bitcoin sent to our address below will be sent back to you doubled!”

Although Twitter was quick to delete the fraudulent tweets, some investors had already fallen for the scam. According to Court documents, Clark amassed not less than $100,000 from the scam. He was later arrested and jailed for three years.

Upon the recovery of his account from the exploiter, Biden was quick to clear the air about his purported Bitcoin holdings. He confirmed that he does not own any Bitcoin and would never ask anyone to send him any. At that time, the President was still campaigning for his election into office and had solicited donations. It is worth establishing that donations from his supporters were only accepted in USD, and not Bitcoin.

I don’t have Bitcoin, and I’ll never ask you to send me any.

But if you want to chip in to help make Donald Trump a one-term President, you can do that here: https://t.co/8XtBjuU5fX

— Joe Biden (@JoeBiden) July 16, 2020

Meanwhile, it is no longer news that Joe Biden will be aiming to return to the White House by 2024. While his potential opponent, Donald Trump has allegedly settled to take donations in crypto so as to avoid traces, Biden is unwilling to engage in such.

Crypto and NFT Projects Featuring Joe Biden

Despite his skepticism about digital assets, there is an NFT collection featuring Joe Biden. The collection is currently live on OpenSea, one of the leading NFT marketplaces across the globe. It is designed as an ERC-1155 token, enveloped with a portrait of the U.S. President.

More so, Joe Biden has been consistently featured on Wall Street Memes. This is due to his drastic efforts towards regulating the young crypto industry. It is worthy of note that Wall Street Memes has become very popular on social media for its fascinating memes about issues unfolding in the crypto sphere. In a bid to better depict many of these issues, the project, sometimes, features personalities whose activities have continued to impact the industry. Apart from Joe Biden, the likes of Elon Musk, Warren Buffett, Jim Cramer, Changpeng Zhao, and many others have also been featured.

Today, Wall Street Memes is among the notable projects with vast community support on social media, particularly Twitter and Instagram. It enjoys not less than 400,000 supporters on Twitter and Instagram combined. Due to the overwhelming reach of its community, the meme project has now been able to even secure the attention of prominent personalities like Musk. The Tesla boss has now noticed the project and, recently reacted to one of its memes featuring him.

In May 2023, Wall Street Memes deepened its activeness in the crypto industry by launching the presale of $WSM. Although the program is still ongoing, analysts have already termed it one of the biggest crypto presales ever. This is due to the huge amount of funds recorded since its commencement. According to our findings, Wall Street Memes has already raised over $6 million in investment from token sales. Investors are aware that Elon Musk’s likely support for the meme coin may place it on the list of the next cryptocurrency to soar. Meanwhile, intending investors can still join the ongoing presale by visiting wallstmemes.com.

Joe Biden’s Net Worth – Our Verdict

Despite being a politician since the early 1970s, Joe Biden grew his net worth through publication and speaking deals. It is not in doubt that the current U.S. President served as a senator from 1973 to 2009, but his salaries were not enough to make him wealthy. According to the Senate’s historical records, he earned less than $200,000 yearly during his time as a senator. Even as the number two to former President Obama, he earned roughly $230,000 yearly. His current salary as the President stands at $400,000 per year. All these earnings contributed little to the net worth of Joe Biden.

Certainly, Joe Biden is a millionaire today due to his speaking and book engagements. He was fully focused on these engagements after his exit from office as the Vice President of the country. According to Publishers Weekly, Biden earned not less than $8 million from his multi-book deal with Flatiron Books. Also, his speaking fee, according to AP, ranged from $40,000 to $190,000. Today, the total net worth of Joe Biden, according to Forbes estimates, is around $9 million. He is reported to be the owner of two homes in Delaware, worth $2 million each.

Joe Biden has chosen to go tough on crypto assets through the various agencies of government in the country. While this is considered as a development that could spell potential catastrophe and hinder innovations in the country, the White House is not showing any willingness to relax the tough measures. Biden wants to return to the White House in 2024, but crypto experts understand that his reelection will definitely spell bigger doom for the sector.

Newest Meme Coin ICO - Wall Street Pepe

Rating

• Audited By Coinsult
• Early Access Presale Round
• Private Trading Alpha For $WEPE Army
• Staking Pool - High Dynamic APY

Learn More

FAQs