Blockchain.com CEO explains what U.S. default means for crypto

• Blockchain.com CEO says default will hit cryptocurrencies first.
• Peter Smith predicts 2024 will be a good year for cryptocurrencies.
• He made the comments today at the 2023 Qatar Economic Forum.

Blockchain.com CEO Peter Smith says cryptocurrencies are likely to suffer in the short term if the US actually defaults on its debt for the first time in history.

Smith hopes for a speedy recovery

Interestingly, however, he does not expect the weakness to last long. Smith’s long-term market outlook remains positive.

In the long run, these are probably good things for cryptocurrenciesif the US government were to default, the cryptocurrency market would retreat rapidly, followed by a very strong boost.

He also confirmed today that the cryptocurrency exchange is considering expanding its small Middle East office in the United Arab Emirates.

It is also worth noting that Speaker of the House Kevin McCarthy said: expressed confidence This morning, Republicans will reach a deal with the White House on the debt ceiling in time.

2024 could be the best year for cryptocurrencies

Also on Thursday, CEO Peter Smith predicted that 2024 will be a very strong year for the cryptocurrency industry.

His view is based on the pattern the market will follow: 2021 will be a great year, 2022 will be a major correction, 2023 will be a recovery, and next year will see exponential growth again. Thing.speak in 2023 Qatar Economic Forumhe added:

I think the cryptocurrency market will be much bigger in the future than it is today. We expect the market to perform well over the next 12-18 months.

The total supply of Bitcoin is half April 2024 An event known to benefit the entire cryptocurrency market.