Ruchir Sharma, chief global strategist at Morgan Stanley Investment Management, expressed optimism about bitcoin’s ability to displace the US dollar in payments.
According to the article
“Will bitcoin put an end to the dominance of the dollar?” Ruchir Sharma (Ruchir Sharma) in the Financial Times, the first cryptocurrency has the opportunity to capture part of the dollar’s share in the field of payments.
“Today, most bitcoins are held as investments rather than used to pay bills, but the situation is changing,” Sharma wrote.
As examples, he cited the growing use of BTC in small sectors of international trade and PayPal’s recent move to add the ability to buy, sell and store cryptocurrencies for American users.
In the context of falling faith in ever-growing dollar reserves, this trend may bode well for bitcoin. Sharma claims that bitcoin will benefit as its traditional competitors begin to lose ground. However, he warned that the” bubble ” of bitcoin could still burst. But even if that happens, governments and their “printing presses” should still be wary of cryptocurrencies.
“Don’t think that your traditional currencies are the only savings or exchange tools that people will ever trust. Tech-savvy people are unlikely to stop looking for alternatives until they find or invent them, ” Sharma warned.
Recall that a year ago, eight former members of the management team of the investment bank Morgan Stanley launched
the Phemex cryptocurrency derivatives exchange, which they say is ” technically no worse than Nasdaq.”