Chair

Bitcoin

Spot

James

Note

<div class="coinjournal"> 
 <ul> 
  <li>James Butterfill expects Bitcoin to rally if the U.S. government shuts down.</li> 
  <li>BTC has a history of performing quite well in times of uncertainty.</li> 
  <li>The world’s largest cryptocurrency is already up close to 4.0% today.</li> 
 </ul> 
 <p>Bitcoin will likely rally if the U.S. government does indeed shut down on October 1<sup>st</sup>, says James Butterfill – the Head of Research at CoinShares.</p> 
 <h2 id="why-may-btc-rally-on-shutdown">Why may BTC rally on shutdown?</h2> 
 <p>The world’s largest cryptocurrency by market cap is already up close to 4.0% on Thursday as the U.S. <a rel="noopener noreferrer nofollow" title="government" href="https://thebittimes.com/tag/government.html">government</a> started sending out notifications to federal employees that a <a rel="noopener noreferrer nofollow" title="shutdown" href="https://thebittimes.com/tag/shutdown.html">shutdown</a> may be imminent.</p> 
 <p>And that rally may extend when the <a rel="noopener noreferrer nofollow" title="shutdown" href="https://thebittimes.com/tag/shutdown.html">shutdown</a> actually begins, as per CoinShares’ Butterfill. &nbsp;Because the investors could read the funding lapse as a sign of instability and turn to Bitcoin for refuge.</p> 
 <blockquote> 
  <p>This scenario bears resemblance to the debt ceiling stalemate experienced earlier this year, which ended up bolstering Bitcoin prices.</p> 
 </blockquote> 
 <p>Bitcoin continues to find a strong support at the $25,000 level.</p> 
 <h2 id="u-s-banks-still-have-downside-risks">U.S. banks still have downside risks</h2> 
 <p>Note that Bitcoin saw strength when the likes of Silicon Valley and Signature banks collapsed earlier this year. That speaks a lot about its ability to outperform in times of uncertainty.</p> 
 <p>And the U.S. financial institutions may not entirely be out of the woods just yet. Martin Gruenberg – Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) recently warned that inflation and higher rates continue to be a significant downside risk for the banking space.</p> 
 <p>Another near-term tailwind for <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> could be the approval of a Spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> – for which the U.S. lawmakers pushed SEC Chair Gary Gensler just a day earlier (find out more).</p> 
 <p>On Thursday, Rob Ginsberg of Wolfe Research also said that Bitcoin was worth investing at its current price.</p> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/here-s-what-the-u-s-government-shutdown-may-mean-for-bitcoin-tbt64416.html">https://thebittimes.com/here-s-what-the-u-s-government-shutdown-may-mean-for-bitcoin-tbt64416.html</a></p>

Here’s what the U.S. government shutdown may mean for Bitcoin

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TheBitTimes

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