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Bitcoin Price Set For $35,000 As It Flips US Dollar In Preferred Asset: Bloomberg

Bitcoin price to hit $35,000 as investors prefer investing in it amid US debt ceiling crisis, as per Bloomberg survey.
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Bitcoin Price Set For $35,000 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.

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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

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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.

Also Read: Binance May Support Terra Classic Increasing Burn Tax To 0.5%

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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