“Crypto Braces for Impact as Blockchain.com CEO Details U.S. Default Consequences”


Blockchain.com CEO Peter Smith spoke at the 2023 Qatar Economic Forum on Thursday, and he had some interesting things to say about the current and future state of the crypto market.

Smith believes that, if the United States enters into its first-ever debt default, the crypto market will initially take a hit. However, he expects a quick recovery, and a long-term positive outlook. He said:

“On a long horizon, these are probably good for crypto … if the U.S. government defaults, we’ll see a quick pullback and then a very strong push upward in the crypto market.”

The CEO also confirmed that the exchange is considering expanding its small Middle Eastern office in the United Arab Emirates.

In addition, Smith forecasted that 2024 will be a strong year for cryptocurrencies, and that the market will be positive for the next 12 to 18 months. He attributed this expectation to the pattern seen in the market, with 2021 being a high year, 2022 a major correction, and 2023 being a recovery year. He also noted that the total supply of bitcoin is scheduled to halve in April of 2024, which is an event known to benefit the crypto market.

House Speaker Kevin McCarthy expressed confidence this morning that Republicans will reach a deal with the White House on the debt ceiling in time.

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