US Congress Faces October Default as Bitcoin Lies in Wait

Buying bitcoin when it is unpopular to own it has proven to be a wise choice, historically. A year ago today one bitcoin cost less than $10,000. Today, it’s over 4-times the price.

Meanwhile, US politicians are characteristically more worried about protecting their political hides than taking the necessary steps to adopt sound money principles like El Salvador.

Let’s dig in.

Yellen: The US is on track to Default on National Debt in October

Last week, Treasury Secretary Janet Yellen warned congressional leaders that the US is expected to default on its national debt in October if the White House and Congress are unable to raise the debt ceiling yet again.

However, the thing with lines in the sand is that they can always be redrawn once the tide comes in.

Technically speaking

Buy the dip?

Bitcoin has taken a haircut in tandem with the S&P 500. As prices trend lower, BTC/USD is inching closer towards a probable reversal in the coming days and weeks.

The current state of play

There is increasing awareness that something is very wrong with the current monetary system. At the same time, public discussions calling crypto an outright scam still exist, yet are on the decline.

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Read More: The US is on track to Default on National Debt in October

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Journalist-turned crypto-writer & analyst; forging the narrative, stacking sats. Subscribe to the newsletter!