AI coin moons and American debt ceiling debate is good news for Bitcoin

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Last Updated on 15 September 2023 by CryptoTips.eu

2020 was the year of Covid, 2021 the year of the vaccine, 2022 the year of the war in Ukraine and 2023 … could be the year of AI (artificial intelligence). A digital coin that is betting big on AI is mooning this weekend. Meanwhile Bitcoin seems to take a breather but analysts seem to think that the upcoming debt ceiling discussion in the US is very good news for the biggest digital currency.

Advertentie.

Singularity

‘The singularity is near’ was the title of a very important book about AI written by Ray Kurzweil, who by now works for Google.

Ray meant the point where AI will be smarter than the intelligence of all humans combined. Elon Musk is known to be very afraid of that moment, others are looking forward to it. In any case, with ChatGPT, Dall-E and other AI developments constantly in the news, the timing for an AI coin couldn’t be better.

Singularitynet is exactly such an AI coin which is committed to all kinds of projects that involve artificial intelligence. As it seems to be the first digital currency that seems to focus purely on AI, the market is quite eager for it. Singularitynet is up hundreds of percent since the beginning of the year.

Balloon

Later this week, as the whole affair with Chinese spy balloons is behind us, a new discussion about raising the US debt ceiling will erupt. Although the Republican party has never had a problem increasing the debt under president Trump, it will probably be a very difficult job for president Biden. That whole discussion is bad news for the dollar, and good news for Bitcoin.

Dollarindex

Discussions about the debt ceiling in the United States more than likely mean that the Federal Reserve will have to print excess dollars again to pay the larger debt. If that happens, the dollar index will fall even more, which is very good news for Bitcoin.

After all, the largest digital currency is seen as a hedge against the printing of fiat money and can therefore benefit from protracted political sparring. Bitcoin also goes higher every time the dollar falls, as was already shown in January of this year.

Concessions

The Democratic president will likely have to make some concessions to a Republican-leaning congress to raise the debt ceiling. It is widely expected that Joe Biden, who has a lot of political experience, will eventually find a workable agreement, but that the Republican congress will have to look to the right of its own party to build a consensus.

All this can take time, which is ultimately very good for investments that are seen as finite in quantity and there are two very well-known ones: gold and Bitcoin.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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