- If the United States government cannot raise its debt limit by June 1st, a default will occur.
- The price of bitcoin would undoubtedly skyrocket if the U.S. defaults.
President Joe Biden said at the G7 summit that he had discussed the need for a bipartisan accord with all four congressional leaders before leaving for the trip.
Biden has said that the Republican plan is not acceptable. Biden specifically mentioned cryptocurrency while stating that he would not support a debt settlement that shields affluent tax evaders and cryptocurrency speculators while jeopardizing food aid for a million Americans.
Too Much at Stake
If the United States government cannot raise its debt limit by June 1st, a default will occur. Earlier, US Treasury Secretary Janet Yellen warned that disastrous waves would be sent across the US and worldwide economies if the government failed to strike a deal.
Defaulting on the United States’ debt would have severe consequences, including the loss of millions of jobs, the postponement of pension payments, and a collapse of US financial markets.
If the United States were to default on its debt, however, the price of bitcoin would undoubtedly skyrocket. If the United States were to fail to increase its debt limit and default on its obligations, Gold, U.S. Treasurys, and Bitcoin were chosen as the top three assets that would be safe havens by Bloomberg’s most recent Markets Live Pulse poll.
Joe Biden has already gone after crypto investors to discredit the budget ideas of the Republican party. Joe Biden had earlier stated that they would be voting against tax loopholes that provide $18 billion in benefits to affluent cryptocurrency investors.
After his bold Bitcoin forecast, a prominent investor and ex-Coinbase CTO Balaji Srinivasan is back in the headlines. To raise money for his presidential campaign in 2024, Vivek Ramaswamy has started accepting Bitcoin.
