Bitcoin surges after Biden signs executive order on digital assets

FILE PHOTO: A representation of cryptocurrency Bitcoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - Bitcoin soared on Wednesday after President Joe Biden signed an executive order that requires U.S. government agencies to assess the benefits and risks of creating a central bank digital dollar and other cryptocurrency issues.

The executive order potentially expands the adoption of virtual currencies in the U.S. financial system.