Unless Congress votes to increase the amount of money the U.S. Treasury is allowed to borrow above its current debt of $28.5 trillion, the United States will default on its financial obligations sometime in the next several weeks. This could cause a recession or possibly a catastrophic global financial meltdown.
This fight happens every few years. And it’ll go the way it always goes. Members of both political parties will yell and fight and pretend to care.
In the end, the debt limit will be raised. Money will be printed. The US will fall deeper into debt. Whether you agree or disagree with this policy, whether you’re a Dem or a Repub or neither, one thing is clear: the printing of trillions more US dollars is a good reason to buy and hold crypto.
My guess is that there will be a lot of volatility in the markets (both stocks and crypto) over the next few weeks. Then the debt ceiling will be raised as it always is. And then the next leg of the bull run will be upon us.