Will a Government Shutdown Boost Crypto Prices?
Bitcoin (CRYPTO: BTC) soared past $117,000 on Oct. 1, erasing September's losses. Meanwhile, the U.S. government shut down for the first time in seven years, after lawmakers failed to agree on a temporary spending bill. Both gold and the S&P 500 set new record highs, though only time will tell whether the surge comes in spite of the government shutdown or because of it.
Some commentators say this supports Bitcoin's safe-haven status, but that isn't necessarily what happened here. The fact that stocks also rose could suggest other factors are at play. For example, there's optimism around traditional gains in so-called "Uptober" as well as potential rate cuts. Plus, the Internal Revenue Service eased crypto treasury rules, which could reduce corporate crypto tax bills.
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Source Fool.com
