Bitcoin’s ‘remarkable’ growth and CBDCs threaten the US dollar: Morgan Stanley
Morgan Stanley’s head of digital assets, Andrew Peel, warns that a “paradigm shift” in the perception and use of digital assets could impact U.S. dollar leadership.
A “paradigm shift” in the perception and use of digital assets such as Bitcoin (BTC) and central could threaten the dominance of the United States dollar as a global currency, warns Wall Street investment bank Morgan Stanley.
While U.S. dollar currency makes up roughly 60% of global foreign exchange reserves, a “paradigm shift in the global perception and use of digital assets” could challenge USD's leadership, wrote Morgan Stanley’s head of digital assets, Andrew Peel, in a Jan. 12 investment note.
Peel said the shift has now been significantly accelerated by the SEC’s approval of a roster of spot Bitcoin ETFs in the United States, with weekly inflows into the new products topping $1.18 billion.
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