The global strategists at Morgan Stanley feel that Bitcoin can replace the US Dollar as the world’s reserve currency.
A news article on Bitcoin News stated that strategists at Morgan Stanley have warned that Bitcoin can replace the US Dollar as the world’s reserve currency. They have warned not to assume the nation’s traditional currencies are stores of value or mediums of exchange; people globally will trust.
Ruchir Sharma, who is the chief global strategist and head of emerging markets at Morgan Stanley, has said that Bitcoin is making intense strides in the financial market worldwide. This was through a publication in Financial Times on Wednesday last week.
Money Stacks is a publisher on money news globally, has this to tweet on Bitcoin replacing the US Dollar as the world’s reserve currency.
Sharma recalled during the pandemic; the US Dollar was the world’s reserve currency. The US Dollar has been the world’s reserve currency for more than 100 years now. Most of the other currencies last 90 years.
The chief global strategist also said that one must know how long this can continue with the likes of cryptocurrency growing tremendously in the market. Sharma thinks that there is no successor for the US Dollar, which may work poorly for the Euro or other currencies.
Financial officials in America thought that they were safe during the lockdown. The need to print in limitless quantities was not required according to them. This allowed the country to manage immense deficits without apparent consequences.
Unfortunately, cryptocurrency is being pitched very hard in the market. Sharma understands that many people don’t believe in Bitcoin, but the few who do, purchase the Bitcoins in bulk, causing an issue.
They did that because they feel the central banks in America may debase the value of their currencies. Rates of Bitcoin have been surging since March, making it a hot property. The reign of the Dollar may end when other nations begin to lose confidence in the US.
That is the same way dominant currencies lost during the past. Sharma concluded by saying to regulate the digital currency by few government officials won’t work out in the run for the US Dollar.