Bitcoin Overtakes US Dollar, Yen and Franc as ‘Favorite’ Safe Haven Asset

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US dollar vulnerabilities are now widely recognized. The BRICS countries’ goal of initiating dedollarization, as well as the increase in US debt defaults, have eroded the general public’s confidence in the dollar. While gold continues to be the top choice for investors looking for alternative investment options, Bitcoin [BTC] has become one of the top three favorite assets.

With the arrival of several new crypto assets, Bitcoin [BTC] was sidelined. Nonetheless, a recent Bloomberg survey highlights that Bitcoin remains a preferred choice among investors who view it as a superior safe-haven asset against the US Dollar, Japanese Yen, and Swiss Franc.

According to the report, 51.7% of professional investors and 45.7% of retail investors show a greater propensity to buy gold. In addition, 14% of professional investors and 15.1% of retail investors express a greater willingness to buy government bonds. About 7.8% of professional investors and 11.3% of retail investors are more likely to buy Bitcoin.

The number of Bitcoin addresses holding 1 BTC or more exceeds the milestone of one million

Market sentiment also appears to have influenced Bitcoin’s on-chain metrics. In a recent report, Glassnode revealed that the number of wallet addresses holding one or more BTC reached a milestone of one million.

Source Glassnode

The graph above illustrates how Bitcoin managed to attract and retain holders despite the crash of 2022. Towards the end of 2022, there was an increase in the number of whole coiners, individuals who held one whole Bitcoin or more . On top of that, the number of addresses containing 100 or more Bitcoins increased by 200 addresses. This significant increase has taken place over the past four days.

Time and time again, Bitcoin has acted as a safe-haven asset. However, its 2022 crisis caused a lot of turmoil in the financial market. Assets fell more than 65% throughout the year. While several had written obituaries for the king coin, the data above indicated renewed interest and renewed confidence in the BTC ecosystem.

Additionally, the price of the king coin seemed to be recovering. At press time, BTC rose to $27,280.38 from a low of $26,762.25 with a daily increase of 1.64%.

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