Quote from: greek_hephaestus on June 07, 2023, 11:03:01 PM

Quote from: redwine49 on June 07, 2023, 06:04:08 PM

Quote from: Abiky on May 23, 2023, 03:15:47 PM

There are talks among US politicians and economists about the country defaulting on its national debt. Congress usually approves raising the debt ceiling, so I don't see what's the issue here. But if somehow the US defaults, how would the crypto market react? Positively or negatively? The USD is the reserve currency of the world, so it's likely everything (stocks, crypto, etc) will crash alongside it.

I agree on your thoughts on Cryptocurrency, however it has been noticed before that Bitcoin shows some correlation with Wallstreet, specifically the tech stocks, so a fall of the market would translate in a fall of the value of Bitcoin and then a steady recovery through time, in my opinion.

Also, even if the USA lost some relevance in their battle against China, there would be still countries which would not dare to ditch the USD, for simple diplomacy and inertia. All the commonwealth, Japan, Canada, Central Europe... Granted, we thought the same about Saudi Arabia, but it is harder to happen in my eyes, seeing those countries changing their views and their status quo on the reserve currency.
Re

What do you think? Is a US default good or bad for crypto in the short term? Your input will be greatly appreciated. Thank you.

shorterm i think this is not good for crypto market. agree, if the US defaults i think bitcoin and altcoin price will fall deeply. But i don't know how about the currency itself.
are we going to the stone age? trading some gold and oil

Quote from: Smartprofit on May 23, 2023, 09:39:02 PM

Gold and Bitcoin will rise in price very strongly.

i hope so, but i don't believe it will come true

i will accept the thought in crypto, however it has been noticed before that Bitcoin shows some correlation with Wall street, specifically the tech stocks, so a fall of the market would translate in a fall of the value of Bitcoin and then a steady recovery through time, in my opinion. Also, even if the USA lost some relevance in their battle against China, there would be still countries which would not dare to ditch the USD, for simple diplomacy and inertia.

We are based see on American signs and also This is a slow and steady process that will take years probably decades to accomplish. A fall in the USD's status as the reserve currency may shook crypto markets for a short period of time.market prices should go all the way to the moon. That's because the USD will become less-valuable over time and specifically the tech stocks, so a fall of the market would translate in a fall of the value of Bitcoin and then a steady recovery through the time in my opinion.