Right now, the dollar is at the heart of global economic debates. Some have already announced that the era of US currency hegemony is coming to an end. And in the currently deleterious economic context of the country, some are thinking about how to adapt to this announced change. Bitcoin could contribute significantly to this.
Bitcoin relevant in case of US default?
The American economy is currently in crisis. Inflation is in full swing as the dollar depreciates further and further. The US currency has lost momentum for which it was considered until now as a currency of refuge.
In this context, all seasoned investors are looking for alternatives financial resources allowing them to retain their wealth. According to a recent survey, three tracks seem to offer this prospect.
Last on the list is bitcoin. The asset is unquestionably prized. Certainly a consequence of its recent bullish momentum. This while the circumstances of the crypto market are not looking good. And that, moreover, the banking crisis complicates the situation.
It must be said that according to the survey, bitcoin is even perceived as more relevant than the dollar. Around 41% of those polled consider the asset to be more advantageous than the US currency. Because it is, according to them, doomed to a certain depreciation.
This is why it does not appear in the list of financial alternatives retained by the survey. In contrast to Treasury bonds, the second financial choice deemed strategic behind gold.
If the latter is chosen as the most relevant financial option to the detriment of treasury bonds and bitcoin, it is no coincidence. Historically, the metal has been the most sought-after safe haven asset for investors.
Also, it should be pointed out that bitcoin could get away with it. Especially if debt apprehensions materialize. Standard Chartered estimates that if the United States defaulted on its debts, BTC would afford $20,000 in additional valuation.
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