- The U.S. debt deadline could have positive implications for BTC.
- Bitcoin adoption increased while exchange inflow decreased.
In a recent interview, Arthur Hayes said that the U.S. debt ceiling deadline could be favorable for Bitcoin [BTC]. For the uninformed, the U.S. debt ceiling refers to the maximum amount of debt that the country may borrow.
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When the debt ceiling reaches its limit, it could have significant economic and financial implications. Hayes, who was speaking on the “What Bitcoin Did” podcast hosted by Peter McCormack, noted that the 4.9% inflation rate, coupled with the deadline, could spell doom for the U.S. economy.
So, in consequence, residents of the country could start looking toward digital assets like Bitcoin for safety. However, the former BitMEX CEO opined that most people would still not buy Bitcoin despite the banking crisis. Instead, they would follow the “sinking ship” as the U.S. would try to print more money.
On 27 May, the Financial Times reported that the U.S. might not meet up with the 5 June deadline to pay its debt. According to the county’s treasury secretary, Janet Yellen, the government could run out of money. She also mentioned that printing more dollars might not solve the problem.
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Author: Victor Olanrewaju
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