CoinShares Analyst: U.S. Government Shutdown Could Be a Bullish Catalyst for the Crypto Market

The U.S. government could shut down this weekend if Democratic and Republican policymakers cannot reach an agreement on spending. Currently, a bill to extend government payrolls through mid-November is under discussion, but many Republicans and current House Speaker Kevin McCarthy are unwilling to budge on the negotiations. On Friday, CoinShares analyst Luke Nolan said that some market participants believe that the upcoming government shutdown will serve as a bullish catalyst for Bitcoin and the broader crypto economy. He explained: “Some participants believe that a possible government shutdown would be beneficial for cryptocurrencies because it directly affects the argument that non-sovereign currencies are immune to government processes.” (Bitcoin.com)