So there is a closure vote in the Senate on The Clarity Act this Tuesday. It requires 60 votes to proceed and by all accounts it looks like Republicans don’t have the votes. It is likely dead which means we won’t get any bill like this done until at least the end of the decade according to Cynthia Lummis (R).
I have been thinking for a while that this failure could be the only thing left that could likely send us to a new low and mark the bottom of the bear market. Would this bill dying be enough to take us down significantly? I don’t know but I’ve been thinking the bottom is in for a while but if not what is left to take us lower apart from something really unlikely happening like Coinbase getting hacked and drained (which won’t happen).
We will go lower than we currently are when this bill fails to get the required votes to get it to the President’s desk but how much lower is the question.
I am of the exact opposite opinion (midterm).
Short term (like intraday or intraweek), anything could happen, but the failure of Clarity would be bullish for bitcoin, imho.
Why? Because then, bitcoin would be a safe go-to for institutions as it was already grandfathered in as a commodity previously.
I expect btc dominance in this case to rise to 70%, at least.
Overall, I don't think bitcoin should be too close to the fin system because the latter is clearly crumbling around the edges rn.
If we are out of it, mostly, then we would not be pulled in during the potential crisis.
Additionally, bitcoin lacks correlation with the stock market now, which is informative...a true asset that could be used for hedging.
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