Bitcoin Soars Past $121K as Shutdown Sparks Debasement Hedge Frenzy
Crypto markets are exploding higher as a US government shutdown sends investors scrambling for hedges. Bitcoin blasted past $121,000, while Ethereum broke to a three-week high above $4,500.
The trigger? Washington’s gridlock. But for crypto investors, the shutdown is a bullish signal. History shows risk assets like the S&P 500 tend to rise during these periods, and Bitcoin is now closely tracking the index.
The real driver, however, is the “debasement trade.” With gold hitting a fresh all-time high, investors are pouring into both assets as a shield against deficits and fiat currency erosion. JPMorgan asserts Bitcoin is still cheap compared to gold, implying a runway to $165,000. The message is clear: institutional and retail money is treating crypto as a strategic, long-term safe haven.
