Bitcoin Surpasses $120K Amid Ongoing US Government Shutdown

Bitcoin surpassed $120,000 as the U.S. government shutdown persisted, influenced by institutional interest and geopolitical developments, drawing attention from key industry figures and government actions.

Bitcoin’s rise highlights its appeal as a reserve asset amid economic instability, with the U.S. retirement sector and national policies potentially driving further capital into digital currencies.

Bitcoin Reaches New High Amidst Government Instability

Bitcoin recently soared above $120,000, influenced by both wider geopolitical uncertainty and ongoing institutional investments. This significant increase aligns with the prolonged US government shutdown. Institutional investors are prominently involved, seeing Bitcoin as an effective reserve asset amidst unstable government operations. Key influencers like Charles Edwards have voiced optimistic projections.

“I wouldn’t be surprised if we went up to $150,000 in a pretty short time, like we have to break out of the $120,000 range. But that’s probably coming, potentially in the next days.” — Charles Edwards, Founder, Capriole Investments.

Crypto Market Rises, Led by Bitcoin and Ethereum

Markets reacted swiftly, with Bitcoin’s price jump also lifting other crypto assets like Ethereum and Solana. Institutional strategies are favorably impacting investor sentiment. The financial and political arenas are recognizing Bitcoin’s potential as a reserve asset, spurred by Sweden’s move towards establishing a national Bitcoin reserve, signifying a policy shift.

Bitcoin as Digital Gold During US Crises

Historically, Bitcoin serves as a safe haven during US political crises, reminiscent of the 2011 and 2013 shutdowns where Bitcoin gained traction as digital gold. Experts anticipate a potentially rapid climb to $150,000, citing both institutional inflows and historical upticks in Bitcoin pricing during Octobers, known as “Uptober.”