In the event of the US government facing a debt crisis, it appears that investors' trust for certain assets and commodities outweighs the trust for the US dollar. According to a recent survey from Bloomberg's Markets Live Pulse, respondents revealed that retail investors would prefer to invest in Bitcoin (BTC) over the dollar in the case of a default. Gold was the top pick, with 51.7% of professional investors and 45.7% of retail investors selecting it; Treasurys followed, with 14% and 15.1% of professional and retail investors respectively showing faith in the asset class. Third on the list was Bitcoin, with 7.8% of professional investors, and 11.3% of retail investors choosing it over the dollar. Only 7.8% of professional investors and 10.2% of retail investors said they would choose the dollar.

In light of this information, Standard Chartered analyst Geoffrey Kendrick believes that while the BTC price may initially dip upon a US default, it could eventually reach an all-time high of $20,000. He believes the price of the cryptocurrency could increase by as much as 70% in such a situation. As of now, Bitcoin is trading above $27,400, with analysts projecting it to drop to the support levels of last week.

Overall, the survey suggests that trust in BTC is slowly growing, as investors begin to see it as a viable safe haven asset that is still capable of achieving great gains in turbulent times. As the US debt crisis grows and with no resolution in sight, it's possible that investors may look to Bitcoin as a more reliable alternative to the dollar.



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