The cryptocurrency community reacted to the first government shutdown in the United States since 2018 with pro-Bitcoin messages.
Bitwise President, Teddy Fusaro, expressed his regret over the current state-run system as one that "regularly and predictably produces bank withdrawals, bailouts, and bouts of manic instability."
"We are literally spending trillions of dollars on this thing, and they can't even make a decision about how to spend our money well enough to keep the doors open... that's why, cryptocurrencies," said Jake Chervinsky, CLO at Variance.
Bitcoin is currently trading at $114,557 on the Bitstamp exchange. It's nearly off by 8% from reaching a new all-time high.
The first shutdown since 2018
The U.S. government shut down at 12:01 a.m. Eastern time after Congress failed to reach a funding agreement. The temporary funding bill passed by Republicans in the House failed to secure enough support from Democrats.
The shutdown will affect approximately 750,000 federal employees who are now expected to either be furloughed or laid off. Many government functions, such as national parks and veterans services, will be suspended, while essential activities may remain unpaid.
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The previous shutdown, which occurred from December 22 to January 25, was due to a dispute over the border wall. It was the longest shutdown in U.S. history, lasting a total of 35 days.
Previous government shutdowns that suffered from significant funding gaps occurred in January 2018 (3 days), 2013 (16 days), two shutdowns in 1995 (5 days and 21 days), 1990 (3 days), as well as several shutdowns in the 1980s during the Reagan administration that lasted from several hours to a day.
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