• A new survey from Bloomberg Markets suggests that Bitcoin is a safer asset than the US dollar.
• Cointelegraph expert Marcel Pechman discusses this survey and how it relates to the risk of US debt default on The Market Report.
• Additionally, Pechman talks about why Bitcoin’s resistance at $28,000 may be stronger than expected and what happened between Celsius, Ethereum and Lido staking.
New Survey Suggests Bitcoin Safer Than USD
A new survey from Bloomberg Markets has revealed that investors would prefer to put their money into Bitcoin rather than the US dollar in the event of a debt default by the United States government. This news comes as no surprise as there is high correlation between fiat currencies and the risk of them all crashing in case of a debt default.
Expert Discusses Risk of US Debt Default
The resident expert on Cointelegraph’s The Market Report, Marcel Pechman, discussed this survey in relation to the impending risk of US debt default. He also went over why breaking past $28,000 resistance will not be easy for Bitcoin due to traders’ positioning using derivatives before the event. Finally, he looked into what happened with Celsius’ Ether movement from Lido staking platform.
Bitcoin Popular Among Retail Investors
The survey showed that 11% of retail investors would add Bitcoin to their portfolio in case of a U.S. government shutdown versus 46% for gold — although gold still dominates investments with its 10x higher allocation when compared to Bitcoin due to its lower market capitalization and high volatility. In addition, Pechman predicted that odds are low for BTC breaking above $100K if a government shutdown happens due to these same factors.
High Transaction Fees Causing Recent Correction
Pechman believes that recent correction down to $25,800 was caused by high transaction fees but argues that this network worked exactly as intended – as a defense against spamming – which is currently holding back quick recovery above $28,000 resistance level .
Celsius’ $780 Million ETH Movement From Lido Staking Platform
Finally, Pechman explained failed crypto lending platform Celsius’ Ethereum movement from the Lido staking platform worth around $780 million dollars – an event with no clear answer yet on who initiated it or why it was done in the first place.