Bitcoin price set at $35,000 as it turns US dollar into preferred asset: Bloomberg

by James · May 14, 2023

Bitcoin price set at ,000 as it turns US dollar into preferred asset: Bloomberg

Professional and retail investors prefer to invest in Bitcoin over the US dollar, yen and Swiss franc amid US debt ceiling default risks, according to Bloomberg’s latest MLIV Pulse survey. Bitcoin (BTC) price to rally above $35,000 as investors pour more money into it.

Moreover, Bitcoin is considered one of the popular safe havens after gold and government bonds, as the US faces a debt ceiling crisis that could be catastrophic for the global financial system.

Bitcoin becomes top preferred asset for investors

According to the Bloomberg MLIV Pulse survey between May 8 and 12, investors will invest in gold, government bonds and Bitcoin than in traditional safe-haven currencies such as the US dollar, Japanese yen and Swiss franc amid the debt ceiling crisis.

Bitcoin’s popularity as a safe haven is increasing, with 7.8% of professional investors and 11.3% of retail investors preferring to invest in Bitcoin. However, 51.7% of professional and 45.7% of retail investors are willing to buy gold, while 14% of professional investors and 15.1% of retail investors want to invest in government bonds.

Experts believe that the risk of default on US debt is greater than in 2011, potentially damaging the US dollar’s status as a primary global reserve currency. “The whole world is in trouble,” said President Joe Biden. “Potentially catastrophic,” JPMorgan Chase & Co. CEO Jamie Dimon said. “Very serious consequences” was the strong language of the International Monetary Fund.

Also read: Gold’s disparity to Beat Bitcoin is regaining fuel – Bloomberg’s Mike McGlone

Bitcoin price to reach $35K

BTC price jumped 2% in the last 24 hours after hitting lower for the past few days, with today’s price at $27,368. The 24-hour low and high are $26,762 and $27,365, respectively. Bitcoin to Fiat Converter.

With traders expecting the US Federal Reserve to cut interest rates as soon as inflation cools, the BTC price is expected to reach $35k in no time. CoinGape Media previously reported that according to Bloomberg, the Bitcoin price is set to reach $35,000.

Also read: Binance May Support Terra Classic and Increase Combustion Tax to 0.5%

Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news articles, articles and papers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He currently covers all the latest updates and developments in the crypto industry.