Bitcoin Becoming Most Preferred Asset Over U.S. Dollar

Bloomberg's most recent MLIV Pulse survey reveals that professional and retail investors favor Bitcoin over the U.S. dollar

Bitcoin Becoming Most Preferred Asset Over U.S Dollar
Bitcoin Becoming Most Preferred Asset Over U.S Dollar

In light of the U.S. debt ceiling default risk, professional and retail investors prefer Bitcoin over the U.S. dollar, Yen, and the Swiss franc, according to Bloomberg’s most recent MLIV Pulse survey. The price of Bitcoin (BTC) will surpass $35,000 as investors deposit more money into it.

Meanwhile, Bitcoin is recognized as one of the most popular safe havens, alongside gold and treasuries. The United States faces a debt ceiling crisis that could have catastrophic consequences for the global financial system.

Bitcoin Becoming Investors’ Most Favored Asset

During the debt ceiling crisis, investors are more likely to invest in gold, treasuries, and Bitcoin than in traditional haven currencies such as the U.S. dollar, the Japanese Yen, and the Swiss franc, according to a survey conducted by Bloomberg MLIV Pulse between May 8 and May 12.

Bitcoin is becoming increasingly popular as a safe haven, with 7.8% of professional investors and 11.3% of retail investors preferring to invest in Bitcoin. In contrast, 51.7% of professional investors and 45.7% of retail investors are willing to purchase gold, whereas 14% of professional investors and 15.1% of retail investors will invest in government bonds.

 

 Bitcoin Becoming Most Preferred Asset Over U.S. Dollar

Experts believe that the probability of the United States defaulting on its debt is greater than it was in 2011, which could jeopardize the dollar’s position as the primary global reserve currency. “The whole world is in trouble,” declared President Joe Biden. Jamie Dimon, CEO of JPMorgan Chase & Co., described the situation as “potentially catastrophic.” The International Monetary Fund stated, “Very serious repercussions.”

Bitcoin Price Will Reach $35K

The current BTC price of $27,368 represents a 2% increase over the previous twenty-four hours, following a few days of decline. The low and high for the past 24 hours are $26,762 and $27,365, respectively.

As traders anticipate the U.S. Federal Reserve to cut interest rates shortly as inflation cools, the BTC price is anticipated to reach $35,000 in a matter of days.


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