May 18, 2023

BTC Safer Than USD in Case of US Debt Default – Study Says

Bitcoin

Bitcoin

Bitcoin (BTC) became one of the top three assets in case of a theoretical debt default in the United States, a new survey revealed.

According to Bloomberg’s latest Markets Live Pulse survey, some investors consider Bitcoin a kind of digital gold. The survey pointed out that Bitcoin is a more popular safe haven than the US dollar amid the risk of a US debt default. The survey was conducted from May 8 to 12, with the participation of 637 respondents, including professional and retail investors.

The survey showed that 11% of retail investors will go for investing in Bitcoin if the US hits the debt ceiling, while 7.8% of the surveyed professional investors will buy Bitcoin, according to Cointelegraph.

Bloomberg’s survey showed that more than 50% (51.7%) of professional investors will buy gold, while 45.7% will do so if the US government fails to avoid a debt default. US Treasury came as a second alternative, following gold.

According to the Bloomberg survey, around 60% of respondents said the risks due to debt default are bigger this time than in 2011. While 41% of respondents also believe that a default directly threatens the US dollar as the primary global reserve currency.

Bitcoin was the top of the 10 cryptocurrencies searched on Google in 2022, as it saw 28,410,000 global searches every month.

In the US only, Bitcoin was searched 4,570,000 times on Google each month. These high figures are attributed to the growing interest in cryptocurrency compared to others, according to experts. Over the past 12 months, internet users were searching for how to buy Bitcoin not to sell it.

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