Quote from: Faisal2202 on May 28, 2023, 07:08:52 PM

Well, first thing first, i do not see any default coming to the US because they have a hell lot of money and assets and also Wealthy Patriots who can single-handedly deal with the debt problem currently the USA is facing. Now secondly, if we assume that those patriots are also out of money and US political leaders have no backup plan to deal with this situation which in reality they must have. There will be bad consequences for BTC and for the whole stock market too. Because the US is the main currency for all of the stablecoins and we have seen it recently what effect does their downtrend make on BTC? When the Silicon Valley Bank was bankrupted the value of Stable Coin USDC become more volatile which highly affected the market.

Secondly, the good side of it was, the dominance of BTC was increasing because people need some place to hold their money where it can not lose its value. So, BTC is that place. It also was the main reason for the origin of BTC so that in the next banking crisis (financial Crisis) people have at least something to store their money to keep its value safe. And BTC will be used as one.

Congress already made a deal to raise the debt ceiling, so we should have nothing to worry about (for now). One way or another, the US will be unable to pay its obligations due to the ever-increasing national debt. I'm pretty sure the FED will print more money (inflation) to "magically" sustain the American economy. People are beginning to lose faith in the corrupt banking system, so it should only be a matter of time before Bitcoin and other cryptocurrencies rise all the way to Mars.

Of course, a debt default will crash crypto market prices all the way down to "rock bottom". But the effects will be temporary due to the declining value of the USD. BTC was made to battle inflation, so I'd suggest you keep on "hodling" no matter what. Who knows if you'll strike it rich someday? Just my thoughts Grin