Threat of US Government Shutdown Is Looming: How Might It Impact Bitcoin?

US Government Shutdown

Back in March, when three small US banks collapsed during a banking crisis, Bitcoin surged by almost 25%. Even with stablecoin company Circle facing issues, Bitcoin stayed relatively strong. Now, with the potential U.S. government shutdown on October 1, various businesses, from Elon Musk’s SpaceX to local cleaning services for federal buildings, are preparing for possible losses of $1.9 billion per day.

Experts like James Butterfill from CoinShares believe that the government crisis could actually boost Bitcoin. He suggests that the shutdown might impact the dollar and economic growth in the 4th quarter. However, media coverage on how the shutdown could affect Bitcoin has been less intense compared to earlier this year.

Noelle Acheson, who writes the “Crypto Is Macro Now” newsletter, is skeptical that a shutdown would significantly impact crypto markets or potential cryptocurrency legislation. While current crypto bills could slow down, progress is expected to be slow regardless. Keep in mind, that this isn’t investment advice.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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