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Bitcoin is a top 3 asset in the event of a US debt default: survey

Published on

May 15, 2023
Read Time:1 Minute, 53 Second

Main cryptocurrency Bitcoin (BTC) might grow to be one of many prime three property in america within the occasion of a theoretical debt default, in keeping with a brand new survey.

How US President Joe Biden is getting ready for it meet As Congress debates the US debt ceiling on Might 16, buyers are in search of safeguards to guard their financial savings within the occasion of a default.

Gold, US Treasuries and Bitcoin could be the highest three property if the US fails to lift its debt ceiling and default on its debt, in keeping with Bloomberg's newest Markets Reside Pulse survey suggests. The survey was carried out from Might eighth to twelfth and included a complete of 637 respondents, together with skilled and particular person buyers.

Greater than 50% of monetary specialists would purchase gold if the US authorities fails to keep away from a debt default. US Treasuries could be the second hottest asset in such a state of affairs. The survey means that Bitcoin could be the following different for retail buyers.

Knowledge from the Bloomberg MLIV Pulse survey. Supply: Bloomberg

This made Bitcoin a extra widespread alternative than the US greenback, Japanese yen, or Swiss franc. Based on the survey knowledge, about 8% {of professional} buyers surveyed and 11% of retail buyers surveyed mentioned they had been extra prepared to purchase Bitcoin.

Associated: Circle is reportedly adjusting USDC reserves to keep away from US default threat

The survey comes at a time when markets have gotten more and more nervous in regards to the US debt ceiling. Early Might: Treasury Secretary Janet Yellen warned that the US dangers a catastrophic default as early as June 1 except the debt ceiling is suspended or raised. President Biden afterwards explained that the "complete world" could be in hassle if the US defaulted on its debt.

Based on the Bloomberg MLIV Pulse survey, almost 60% of respondents mentioned the dangers are larger this time than they had been in 2011. 41% of respondents additionally imagine {that a} default poses a direct risk to the US greenback, the principle international reserve foreign money .

Journal: Corridor of Flame: William Clemente III predicts that Bitcoin will hit six figures in the direction of the top of 2024

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : May 15, 2023
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