Bloomberg reports growing faith in Bitcoin among investors who fear default

Bloomberg reports growing faith in Bitcoin among investors who fear default

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Author: Robert Strickland (crypto-journalist)
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Bloomberg reports growing faith in Bitcoin among investors who fear default
Poll shows investors would prefer Bitcoin over the dollar in the event of a U.S. government debt default
More than half of the participants surveyed believe that the failure of the U.S. government to pay its debts would significantly damage the dollar as the global world currency

Investors would prefer bitcoin over the dollar as a means of saving capital in the event of a U.S. government debt default, a Bloomberg Markets Live Pulse poll conducted May 8-12 with 637 respondents showed. 7.8% of professional and 11.3% of retail investors will choose the first cryptocurrency as a protective asset, while 7.8% and 10.2% of investors from the two groups will rely on the U.S. dollar, respectively.

At the top of the list of defensive assets is gold. Despite the fact that the price of the precious metal is currently near its all-time high ($2,000 per ounce), it was chosen by about half of the surveyed investors from both categories. On the other hand, the report notes the current shortage of alternative assets to gold for hedging.

Journalists see a certain irony in this because it is these debt securities that will probably default. But even pessimistic analysts think that holders of treasuries will be paid, albeit late, according to the article, which explains the choice of this asset. It will be bought in case of default by 14-15% of respondents.

Bitcoin comes in third place, followed by the U.S. dollar, the Japanese yen, and the Swiss franc. Meanwhile, more than 55% of respondents said that a default or even its approach would have a strong negative impact on the dollar as a global world currency, while another 13.6% of respondents said that the U.S. national currency has already been significantly damaged and it can only increase further.

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