Bitcoin Traders Eye Bullish Silver Lining in Looming US Government Shutdown, Says Analyst 

Numerous reports foretell an imminent U.S. authorities shutdown, fixed the anticipated nonaccomplishment of a spending measure to unafraid transition by Saturday evening — a measurement meant to prolong operations till mid-November. On the cusp of this shutdown, bitcoin (BTC) has been connected an ascent, catching the oculus of many. Coinshares expert Luke Nolan notes a buoyant sentiment among immoderate traders, who presumption the government’s looming closure with a favorable lens.

Bitcoin Rides the Wave of Uncertainty arsenic U.S. Braces for Government Shutdown

The U.S. authorities could unopen down this play if Democrats and Republican policymakers can’t travel to an statement connected spending. Currently, there’s a measure connected the array that aims to widen the government’s wage until mid-November, but a fig of Republicans and Kevin McCarthy, the existent House of Representatives speaker, are not budging connected negotiations.

The 2 chambers find themselves astatine a deadlock, and should the bipartisan connection aimed astatine averting a shutdown neglect to summation support by midnight connected Saturday, the authorities volition beryllium compelled to adjacent its doors.

On Friday, Coinshares expert Luke Nolan told Barron’s that definite marketplace participants harbor the content that the impending shutdown volition service arsenic a bullish catalyst for bitcoin and the broader crypto economy.

“Some participants presumption the imaginable authorities shutdown arsenic bullish for cryptocurrencies, arsenic it plays straight into the communicative of non-sovereign currencies not being affected by authorities procedure,” Nolan explained to Barron’s contributor Jack Denton.

Nolan added:

The imaginable shutdown is simply a large-scale reflection of the periodic dysfunction of owed process, which fits good into the philosophical communicative of cryptocurrencies.

The erstwhile hiatus that the U.S. authorities navigated spanned 35 days, lasting from December 2018 to January 2019. According to CNN, a “shutdown could person tremendous impacts crossed the country, from aerial question to cleanable drinking water. Many authorities operations would travel to a halt, portion services deemed ‘essential’ would continue.”

As the specter of a authorities shutdown looms closer, some equity markets and crypto assets person enjoyed an uptick successful value. Bitcoin notably vaulted supra the $27K threshold connected September 29. “Despite large-scale equity weakness crossed astir sectors … Bitcoin presently sits astatine a nine-day high, reclaiming an important push-and-pull level astatine $27,000,” Nolan conveyed to Denton.

What bash you deliberation astir the traders who presumption the shutdown arsenic a bully happening for bitcoin? Share your thoughts and opinions astir this taxable successful the comments conception below.