Ruchir Sharma, chief Global strategist at Morgan Stanley Investment Management, expressed optimism about bitcoin’s ability to push the US dollar in the payments sector.
According to the article
“Will Bitcoin end the dollar’s dominance?” by Ruchir Sharma in the Financial Times, the first cryptocurrency has the potential to capture a portion of the dollar’s share in payments.
“Today, most bitcoins are held as investments rather than used to pay bills, but the situation is changing,” Sharma wrote.
He cited the rise of BTC usage in small international trade sectors and PayPal’s recent move to add the ability to buy, sell, and store cryptocurrencies for U.S. users as examples.
In the context of falling faith in ever-growing dollar reserves, this trend could 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 can 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 instruments of saving or exchange 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.”