• According to a new survey, Bitcoin (BTC) could be a top three asset in the event of a theoretical debt default in the United States.
• Gold, U.S. Treasurys and Bitcoin would be the top three assets should the U.S. fail to raise its debt ceiling and default on its debt.
• This makes Bitcoin a more popular choice than the U.S. dollar, the Japanese yen or the Swiss franc according to data from Bloomberg’s Markets Live Pulse survey.
Survey Finds Bitcoin Could Be Top Asset in Event of US Debt Default
A new survey has found that major cryptocurrency Bitcoin (BTC) could become one of the top three assets should there be a theoretical debt default in the United States. Data from Bloomberg’s Markets Live Pulse survey found that gold, U.S treasuries and bitcoin would be the most popular alternatives for investors seeking safe havens if such an event were to occur.
Uprising Concern Over US Debt Ceiling
Investors are growing increasingly nervous as they await President Joe Biden’s meeting with Congress on May 16th where he will discuss raising the US debt ceiling. Treasury Secretary Janet Yellen warned earlier this month that failure to suspend or raise it risks catastrophic default as soon as June 1st if action is not taken soon enough by government officials.
Bitcoin More Popular Than US Dollar, Yen & Swiss Franc
The poll revealed that more than 50% of finance professionals would buy gold if such an outcome were to take place while US Treasuries were second with bitcoin taking third place for retail investors who responded to the survey. Interestingly, this makes bitcoin far more popular then traditional safe haven assets like USD, JPY and CHF according to data from Bloomberg’s Markets Live Pulse Survey which was conducted between May 8 – 12th involving a total of 637 respondents including professional and retail investors alike..
How Will Investors Hedge Their Savings?
As markets continue to remain uncertain over what will happen with America’s national debt, investors are looking for ways they can protect their savings through hedging strategies should a debt default actually take place sooner rather than later in 2021 and beyond..
Overall, it appears that investors now view cryptocurrencies as viable asset classes due to their decentralized nature and potential for long-term gains despite heavy volatility seen within crypto markets when compared with stocks or other traditional investment vehicles like bonds or commodities like gold..