⛔ What is the U.S. debt ceiling? This is a spending limit set by Congress which dictates how much money the government can borrow.
⛔ Failure to raise it past the current cap of $31 trillion would see them defaulting on their debt. The government could not borrow more money or meet existing debt obligations.
⛔ A U.S. government default would be disastrous for both the country's economy and the global financial system. Stock markets could crash, unemployment would skyrocket by 8 million, and many other economies would fall into recession.
⛔ Bitcoin and Altcoin prices might then plummet. With U.S. making up about 10% of worldwide crypto users, the country’s problems present a real threat as crypto users who lose their job may have to sell their holdings prematurely.
