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.
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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. 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.
are we going to the stone age? trading some gold and oil
Gold and Bitcoin will rise in price very strongly.
i hope so, but i don't believe it will come truei 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.