There’s a significant chance things get worse, not better, after the debt ceiling is raised. The US is running a gigantic deficit and hasn’t been able to issue net new debt for months. So the Treasury will need to raise hundreds of billions very quickly. It isn’t clear there’s enough demand for that much debt that quickly, especially after this debt ceiling debacle. The chances of a failed or nearly failed Treasury auction in the next 1-3 months is the highest it’s ever been. #bitcoin #debtceiling