Major cryptocurrency Bitcoin (BTC) could potentially rank among the top three assets in the event of a theoretical debt default in the United States, as per a recent survey.
As US President Joe Biden gets ready to meet with Congress on May 16 to discuss the nation’s debt ceiling, investors are looking for ways to safeguard their savings in the event of a default.
According to Bloomberg’s latest Markets Live Pulse survey, Gold, US Treasuries, and Bitcoin would be the top three assets if the US defaults on its debt by failing to raise its debt ceiling. The survey, which included responses from 637 investors, including professionals and retail investors, was conducted from May 8-12.
More than 50% of finance professionals would choose to buy gold if the US government doesn’t avoid a debt default. US Treasuries would rank second, while Bitcoin would be the third most prominent alternative for retail investors.
This survey indicates that Bitcoin is a more popular option than the US dollar, the Swiss franc, or the Japanese yen. As per the survey’s data, about 8% of professional investor respondents and 11% of retail investor respondents indicated that they were more willing to purchase Bitcoin.
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As markets become increasingly nervous about the US debt ceiling, this poll emerges. In early May, US Treasury Secretary Janet Yellen warned that if the debt limit isn’t suspended or raised, the US risks a catastrophic default as soon as June 1. President Biden further stated that the “whole world” would be in trouble if the US defaulted on its debt.
Almost 60% of respondents in the Bloomberg survey stated that the risks posed were greater this time than in 2011. Additionally, 41% of respondents believed that a default poses a direct threat to the US dollar, which is the leading global reserve currency.
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