Quote from: thecodebear on Today at 02:29:10 PM

Quote from: duckalis on May 10, 2023, 11:42:51 PM

Geoff Kendrick, the head of forex research at Standard Chartered, believes that if the US defaults on its debt obligations, the price of BTC would rise 70% to more than $40,000. He called a possible default an unlikely event that could still caouse serious consequences. Therefore, investors who consider BTC a safe haven will pour their funds into the major coin if the market falls.
If a default is declared, the surge in BTC price won’t start immediately. The surge would be preceded by a fall of around $5000, after which the coin would rise by $25,000. While BTC will follow a bullish trend, prices of other cryptos may decline.

I pretty much agree with this.
A default would cause mass chaos for the US economy and the Dollar, and therefore likely cause mass economic chaos globally. Probably all assets would drop, including Bitcoin and Gold, initially as fear spreads. But I think very quickly people would realize they need to get out of the dollar as well and the only place to go would be Gold and Bitcoin. Gold would probably go up like 20%, while yeah I could see Bitcoin doubling very quickly in that sort of situation.

Though if the US did default, I think the obstructionist politicians that caused the default would come to the table and end the default rather quickly to fix the problem. But even if it only lasted a few days it would damage the US's and the Dollar's strength in the world and so it would still greatly help Bitcoin. I think you'd have a lot more people saving money in Bitcoin rather than Dollars as a result of a debt default.

And yeah it's likely that altcoins would drop as Bitcoin gained, because when things are crashing you don't throw money into highly risky valueless speculative things like altcoins.

Don't be dramatic. The US debt limit is $31.4 trillion, and the current level of the US national debt is $31.7 trillion. The debt ceiling was reached on January 19, 2023, in other words, the technical default has already occurred.