A new survey shows that retail investors prefer Bitcoin over the US dollar in the event of default.Experts warn that the United States may default as early as June 1st
- A new survey shows that retail investors prefer Bitcoin over the US dollar in the event of default.
- Experts warn that the United States may default as early as June 1st.
- Standard Chartered Bank analyst Jeff Kendrick previously predicted that if the United States defaults, Bitcoin prices will rise by 70%.
A new survey has found that if the United States defaults, retail investors are more willing to purchase Bitcoin (BTC) rather than dollars.
According to the report, although gold and US treasury bond bonds rank higher in the list of reliable safe haven assets in the event of US default, BTC is regarded as the third largest asset, ahead of the US dollar.
Retail investors will purchase BTC instead of USD
The results come from a survey conducted by Bloomberg MarketsLivePulse. Researchers have asked investors to indicate what they would buy if the US government's debt ceiling sharply rises.
Gold is the top choice, with 51.7% of professional investors and 45.7% of retail investors choosing precious metals. A large number of people chose US treasury bond bonds, with 14% of professional investors and 15.1% of retail investors showing confidence in this asset category.
Meanwhile, Bitcoin ranked third in the response, with 7.8% of professional investors and 11.3% of retail investors choosing Bitcoin over the US dollar. According to the survey, approximately 7.8% of professional investors and 10.2% of retail investors said they would still purchase US dollars.
Bitcoin Price Forecast in the Event of US Default
If lawmakers fail to reach an agreement to lift the $31.4 trillion debt ceiling, the United States may face a default as early as June 1, 2023. On Monday, stock investors were optimistic about possible trades. However, as there have been no reports of a consensus on the cards yet, the stock market has mainly shown weakness.
On the other hand, Bitcoin remains above $27400 as analysts expect it to fall to last week's or lower support level. However, as BTC prices break through $31000 during the banking crisis, defaults may provide new impetus for more returns.
As CoinJournal recently emphasized, this Bitcoin price forecast was proposed by Standard Chartered Bank analyst Geoff Kendrick. The head of foreign exchange research at Standard Chartered Bank stated in his forecast that if a default occurs, BTC prices may skyrocket by 70%.
Although he suggests a preliminary decline on the day of default, within two weeks or a week, with a possible reduction of around $5000 in long positions, this analyst believes that the price of digital gold may experience a new $20000 increase.
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