The global economy is closely monitoring the situation in the United States regarding the potential rise of the debt ceiling as the country faces the looming possibility of default.
The implications of such a default continue to be speculated, with various sectors, including cryptocurrencies, projected to be affected.
Interestingly, opinions on the potential impact on the industry remain divided. According to Blockchain.com CEO Peter Smith, a default would negatively impact the crypto space in the short term, noting that this scenario, along with the threat of a recession, would be detrimental to digital assets, he said during Bloomberg’s Qatar Economic Forum on May 25.
However, taking a long-term perspective, Smith expressed a more optimistic view.
He suggested that a default could initially trigger a pullback in the crypto market but would eventually lead to an upward surge.
“A US default or a US recession are probably bad for crypto. Because they’re a risk asset, and peo
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