On Friday, U.S. Treasury Secretary Scott Bessent marked Bitcoin's (CRYPTO: BTC) 17th anniversary with a pointed comparison between the cryptocurrency's reliability and Washington's gridlock, taking a swipe at Senate Democrats for the ongoing government shutdown.
Treasury Secretary Says ‘Bitcoin Never Shuts Down'
In a post on X, formerly Twitter, Bessent celebrated the milestone of Bitcoin's white paper — first published on Oct. 31, 2008, by the pseudonymous Satoshi Nakamoto — by lauding the network's uninterrupted run.
"17 years after the white paper, the Bitcoin network is still operational and more resilient than ever. Bitcoin never shuts down," Bessent wrote, adding that Senate Democrats "could learn something from that."
His remarks come as the U.S. government remains shuttered for more than 30 days — the second-longest shutdown in history — following a funding impasse driven by a Democratic filibuster in the Senate.
Bitcoin's Unbroken Run Vs. Washington's Stalemate
Since its inception as a "peer-to-peer electronic cash system," Bitcoin has evolved from a niche digital currency into a global financial asset with a market capitalization of over $2 trillion.
The cryptocurrency, which once traded for fractions of a cent, briefly hit a record $126,000 before consolidating amid cautious market sentiment. At the time of writing, it was at $109,976.57, up 0.82% in the last 24 hours, according to data from Benzinga Pro.
Meanwhile, economic leaders are warning that the prolonged standoff could inflict lasting damage. Bank of America CEO Brian Moynihan said that the deadlock could slow the economy and create a broader malaise if it persists.
Meanwhile, Moody's Analytics chief economist Mark Zandi warned a recession is "more likely than not" should the shutdown extend through the end of the year.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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