Bitcoin Price Set For $35K As It Flips US Dollar In Preferred Asset: Bloomberg

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

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

Bitcoin Becoming Top Preferred Assets For Investors

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

Bitcoin’s popularity as safe haven is rising, with 7.8% of professional investors and 11.3% of retail investors prefer 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 will invest in government bonds.

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

Also Read: Gold’s Disparity to Beat Bitcoin is Regaining Fuel – Bloomberg’s Mike McGlone

Bitcoin Price To hit $35K

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

With traders anticipating the US Fed to cut rates soon as inflation cools, BTC price is expected to hit $35k in no time. CoinGape Media earlier reported that as per Bloomberg Bitcoin price is set to hit $35,000.

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

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.