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Bitcoin ranks among the top three assets in the case of a US debt default, according to a survey.
Bitcoin (BTC), the leading cryptocurrency, may emerge as a top-three asset in the scenario of a potential debt default in the United States, as indicated by a recent survey.
With U.S. President Joe Biden set to convene with Congress on May 16 to address the U.S. debt ceiling, investors are looking for ways to safeguard their assets in the event of a default.
According to data from Bloomberg’s latest Markets Live Pulse survey, gold, U.S. Treasury Bonds, and Bitcoin would rank as the top three assets if the U.S. fails to elevate its debt ceiling and defaults on its obligations. The survey was carried out from May 8 to May 12, involving 637 participants, including both professional and retail investors.
Over 50% of finance professionals indicated they would opt for gold if the U.S. government cannot avert a debt default. U.S. Treasury Bonds would be the second-most favored asset in such a situation. The poll indicates that Bitcoin would be the next preferred option for retail investors.
Data from Bloomberg MLIV Pulse survey. Source: Bloomberg
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This positions Bitcoin as a more favored choice compared to the U.S. dollar, the Japanese yen, or the Swiss franc. The survey reveals that approximately 8% of professional investors and 11% of retail investors expressed a greater willingness to purchase Bitcoin.
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The survey emerges as market anxiety regarding the U.S. debt ceiling intensifies. In early May, Treasury Secretary Janet Yellen cautioned that the U.S. could face a disastrous default as early as June 1 if the debt limit is not suspended or increased. President Biden later stated that the “whole world” would face difficulties if the U.S. were to default on its debt.
According to the Bloomberg MLIV Pulse survey, nearly 60% of participants believe the risks are greater this time than they were in 2011. Additionally, 41% of respondents think that a default could directly threaten the U.S. dollar’s status as the primary global reserve currency.
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