Bitcoin price surges amid controversial US Infrastructure Bill

The amendment would specifically pose a threat to Ethereum

The bitcoin price has reached its highest point in nearly three months as the cryptocurrency staged recovery over the past few weeks.

At the time of writing, the price of bitcoin is at £32,968, having been close to £21,000 just three weeks ago.

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Other cryptos have joined bitcoin in making a come back, including Ether, which has added nearly £1,000 since 20 July, bringing its market value at the time of writing to £2,243.

The resurgence of bitcoin, and the crypto market more broadly, comes despite the Infrastructure Bill being put forward to the US Senate.

Critics have suggested that the bill would stifle innovation in the crypto space.

Senators worked through the weekend, putting back their summer holidays, to find a compromise on crypto and other disputed amendments.

The amendment would specifically pose a threat to ethereum, the blockchain that supports much of the growing world of decentralised finance.

Balajis Srinivasan, serial entrepreneur and the former chief technology officer of Coinbase, described the bill as “a backdoor Bitcoin ban”, adding that “compliance is impossible”.

“Their intent is to criminalize full nodes, lightning nodes, and most Bitcoin wallets.”

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