#TuesdayMotivaton: @Bloomberg's @business #MLIV survey says #Bitcoin would be more trusted than the #dollar as a safe haven if the US defaults. #INX_Academy with the best practices for trading Bitcoin safely:
— INX (@INX_Group) May 16, 2023
⤵️⤵️⤵️https://t.co/gDQfbB2JW9
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41% of surveyed American investors prefer Bitcoin (BTC) over the dollar!
Fri 19 May 2023 ▪
3
min of reading ▪ by
Getting informed
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Payment
Right now, the dollar is at the center of global economic debates. Some have already announced that the era of American currency hegemony is coming to an end. And in the currently bleak economic context of the country, some are considering how to adapt to this anticipated change. Bitcoin could contribute significantly to this.
Is Bitcoin relevant in the case of a US payment default?
The American economy is currently in crisis. Inflation is running rampant while the dollar continues to depreciate. The American currency has lost its appeal as a safe haven currency.
In this context, all seasoned investors are looking for financial alternatives that allow them to preserve their wealth. According to a recent survey, three options seem to offer this perspective.
The last one on the list is Bitcoin. The asset is undeniably popular, undoubtedly a consequence of its recent bullish dynamics. This is happening even though the circumstances in the crypto market are not ideal. And the banking crisis further complicates the situation.
According to the survey, Bitcoin is even perceived as more relevant than the dollar. Approximately 41% of the respondents consider the asset to be more advantageous than the American currency. Because they believe it is destined for certain depreciation.
That is why it does not appear on the list of selected financial alternatives in the survey. In contrast, Treasury bonds are the second financial choice considered strategic, right behind gold.
If gold is chosen as the most relevant financial option, surpassing Treasury bonds and Bitcoin, it is not by chance. Historically, gold has been the most sought-after safe haven asset by investors.
Furthermore, it should be noted that Bitcoin could come out on top in this situation. Especially if concerns about debt materialize. Standard Chartered estimates that if the United States were to default on its debts, BTC would gain an additional $20,000 in value.
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DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.