- A recent survey found that many investors consider Bitcoin (BTC) to be a digital form of gold.
- In the event of a U.S. debt default, 8% of professional investors and 11% of retail investors intend to purchase Bitcoin as their primary hedge.
- Gold, Treasuries and Bitcoin are ranked as the top three assets to purchase in this scenario.
Hedge Fund Billionaire’s View on Bitcoin
Hedge fund billionaire Paul Tudor Jones recently commented on the status of Bitcoin in the United States, saying that “the entire US regulatory apparatus is against it”. Bankrupt lender BlockFi has announced plans to liquidate its lending platform. Additionally, Lido has seen an increase in price by 12%, as it enabled staked Ethereum withdrawals.
Debt Default Could Boost Demand for BTC
The latest MLIV Pulse survey conducted between May 8 and May 12 revealed that if the United States were to default on its debt, many investors would turn to Bitcoin as their primary hedge against this scenario. According to Bloomberg News, 8% of professional investor respondents and 11% of retail investor respondents said they intend to purchase Bitcoin first if such a situation arises. Gold was ranked first with the majority of votes from both groups followed by treasuries at second place.
„Digital Gold“ Status
The survey further highlighted that many investors now consider BTC to be a king of „digital gold“ and it has become more popular than every fiat currency — including investor staples like the U.S. dollar, the Japanese yen, and the Swiss franc.
The results from the survey demonstrate how far Bitcoin has come since its inception in 2009 and suggest that demand for BTC could skyrocket if there were ever a US debt default due to its reputation as a safe-haven asset or “digital gold”.