LBCI

Blockchain.com CEO says US default would hit crypto initially

Variety

25-05-2023 | 10:03

Share

Share

Blockchain.com CEO says US default would hit crypto initially

2^min

A US government default would trigger an initial pull-back from crypto currencies followed by a "push upward" the CEO of London-based crypto firm Blockchain.com said on Thursday.

The US government could fall behind on its bills next month - and even default on its debt - if Congress does not raise a $31.4 trillion cap on government borrowing, a failure that could trigger economic calamity and panic on global financial markets.

In the short term, "a US default or a US recession are probably bad for crypto. These are risk assets, and you want to take risk off," Blockchain.com CEO Peter Smith said at the Qatar Economic Forum, organized by Bloomberg.

"On a long horizon, these are probably good for crypto...If the US government defaults, we'll probably see a quick pull-back and then a very strong push upward in the crypto market."

The crypto currency market has followed cyclical patterns and while 2022 was "quite painful", it is recovering this year and 2024 will be "another exponential year", Smith said.

Blockchain.com, which offers users a crypto wallet and is also a crypto exchange, is considering an expansion of its small Middle Eastern office in commercial center Dubai.

"The (Dubai) government's in a very healthy, consultative process with the industry and about regulations...I think so long as those end up where we think they will, we'll probably be investing heavily in Dubai," he said.

Last September, Blockchain.com signed an agreement with Dubai's crypto regulator Virtual Assets Regulatory Authority (VARA) and has since opened an office and hired staff.

Currently, the company is investing most heavily to shore up operations in Singapore and Europe, Smith said.

Blockchain

CEO

US

Default

Crypto

Initially

Subscribe to our VOD

SUBSCRIBE

Our visitors readings

Iran rejects negotiations with US in 'atmosphere of threats': FM

Middle East News

2026-01-28

Iran rejects negotiations with US in 'atmosphere of threats': FM

Lebanese Army commander, US CENTCOM chief discuss security annex to framework agreement

09:00

Lebanese Army commander, US CENTCOM chief discuss security annex to framework agreement

Haaretz: Israeli military identifies three south Lebanon villages for potential withdrawal

01:21

Haaretz: Israeli military identifies three south Lebanon villages for potential withdrawal

President Aoun discusses security, post-framework agreement tasks with Army chief

01:49

President Aoun discusses security, post-framework agreement tasks with Army chief

Videos

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

2026-06-26

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

2026-06-26

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

2026-06-20

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

Massive Israeli strikes hit South Lebanon under ceasefire conditions

2026-06-19

Massive Israeli strikes hit South Lebanon under ceasefire conditions

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

2026-06-16

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

Rene Mouawad Airport in Qlayaat opening ceremony held in presence of Lebanese officials—Video

2026-06-06

Rene Mouawad Airport in Qlayaat opening ceremony held in presence of Lebanese officials—Video

Israeli army releases footage of first tank crossing Litani River toward Beaufort Castle

2026-05-31

Israeli army releases footage of first tank crossing Litani River toward Beaufort Castle

Iran uses cluster bombs to target Israel: AiTelly explains what happens when a missile is intercepted—Video

2026-03-25

Iran uses cluster bombs to target Israel: AiTelly explains what happens when a missile is intercepted—Video

Most read

24 hours

7 days

Month

A shifting battlefield: Israel’s evolving rules of engagement in Lebanon

1

A shifting battlefield: Israel’s evolving rules of engagement in Lebanon

Hiba Nasr shares security annex to framework agreement between Lebanon and Israel

2

Hiba Nasr shares security annex to framework agreement between Lebanon and Israel

President Aoun, US CENTCOM commander discuss preparations for implementing framework agreement

3

President Aoun, US CENTCOM commander discuss preparations for implementing framework agreement

Fuel prices decrease across Lebanon

4

Fuel prices decrease across Lebanon

Lebanese Army commander, US CENTCOM chief discuss security annex to framework agreement

5

Lebanese Army commander, US CENTCOM chief discuss security annex to framework agreement

Haaretz: Israeli military identifies three south Lebanon villages for potential withdrawal

6

Haaretz: Israeli military identifies three south Lebanon villages for potential withdrawal

Lebanese Social Affairs Minister: 40% of displaced people have returned home

7

Lebanese Social Affairs Minister: 40% of displaced people have returned home

President Aoun discusses security, post-framework agreement tasks with Army chief

8

President Aoun discusses security, post-framework agreement tasks with Army chief

Download now the LBCI mobile app

To see the latest news, the latest daily programs in Lebanon and the world

Google Play

App Store

Download now the LBCI mobile app

We use
cookies

We use cookies to make
your experience on this
website better.

Accept

Learn More