Fun

Morgan Stanley: Cryptocurrencies Here to Stay as Serious Asset Class, Bitcoin Making Progress to Replace Dollar

News Feed - 2021-02-16 01:02:45

Morgan Stanley: Cryptocurrencies Here to Stay as Serious Asset Class, Bitcoin Making Progress to Replace Dollar


Morgan Stanley’s chief global strategist says that “regardless of where the price of bitcoin goes next, cryptocurrencies are here to stay as a serious asset class.” He added that bitcoin is making progress towards replacing the dollar as a medium of exchange. Morgan Stanley Bullish on Bitcoin and Cryptocurrencies


Morgan Stanley’s head of emerging markets and chief global strategist, Ruchir Sharma, published a report entitled “Why Crypto Is Coming Out of the Shadows” on the Morgan Stanley website last week.


“Despite the jitters natural in a global pandemic, cryptocurrencies are rapidly gaining popular support as alternatives to gold (a store of value) and the dollar (as a means of payment),” he began. The strategist elaborated: We see fundamental reasons to believe that — regardless of where the price of bitcoin goes next — cryptocurrencies are here to stay as a serious asset class.


Sharma explained that one reason “is growing distrust in fiat currencies, thanks to massive money printing by central banks.” Another reason is “generational,” as young people view cryptocurrency as an improvement over metal coins. He continued: “The worst knock on cryptocurrency as a store of value is its volatility, but unflinching demand from millennials has helped lower the volatility of bitcoin, even during the pandemic.”


The strategist added that this age group believes “the open-source software behind Bitcoin makes it more transparent, transferrable and trustworthy than paper money printed by governments.” He emphasized that “this crypto-confidence may reach even deeper in emerging markets, where distrust in centralized authority runs high.” Sharma opined: Governments have been slow to recognize this evolution … Bitcoin is also starting to make progress on its ambition to replace the dollar as a medium of exchange.



When the pandemic hit, the dollar was the world’s preferred reserve currency. However, “led by the Fed, every major central bank has been printing money madly to keep economies afloat during the pandemic, undermining confidence in all national currencies,” he described, adding that 20% of “all dollars in circulation were printed in 2020, and that binge was a huge boost to the appeal of bitcoin.”


The Morgan Stanley strategist detailed: Today, virtually all bitcoins are held as an investment, not used to pay bills, but that is changing.


“Last year popular payment platforms started accepting bitcoin and other digital currencies, a major step forward in their campaign to challenge the dollar,” he concluded.


Last week, it was also revealed that Elon Musk’s Tesla will start accepting bitcoin as a means of payment for its products in the near future. Furthermore, Paypal and Mastercard are working to allow merchants on their networks to accept cryptocurrencies.


Do you agree with the Morgan Stanley strategist? Let us know in the comments section below. Allianz Economic Advisor Says Argument for Bitcoin Is Evolving — More Companies Will Embrace BTC as Form of Payment MARKETS AND PRICES | 5 hours ago Twitter Stock Jumps 20% Following Reports the Company Is Weighing the Possibility of Adding BTC MARKETS AND PRICES | 3 days ago Tags in this story Bitcoin Price, bitoin replacing dollar, dollar bitcoin, morgan stanley, morgan stanley bitcoin, morgan stanley bitcoin prediction, morgan stanley crypto, morgan stanley cryptocurrency, pandemic


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Cryptowisser: 79 Crypto Exchanges Dead in 2021 – Even More Than in 2020
Cryptowisser: 79 Crypto Exchanges Dead in 2021 – Even More Than in 2020 press release PRESS RELEASE. November 2021, leading Crypto service comparison site – Cryptowisser, a
Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors
Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors The infamous meme token dogecoin has been skyrocketing in value rising more than 325.2
Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session
Bitcoin, Ethereum Technical Analysis: BTC Remains Below $24,000 After Falling for Fourth Consecutive Session Bitcoin continued to trade below $24,000 today, as the token fell for a
David Attlee31 minutes agoBrazilian lawmakers seek to add crypto to debtors’ protected assets listCryptocurrencies may become a part of the personal savings category, protected from seizures on behalf of creditors.352
Bitcoin Price To $122K Next Month? Research Predicts Big Move
Este artículo también está disponible en español. Many analysts are ruminating on the next significant milestone, as the remarkable price increase of Bitcoin has captivat
Blockchain Gaming Publisher and Web3 Firm Animoca Brands Secures $110 Million
Blockchain Gaming Publisher and Web3 Firm Animoca Brands Secures $110 Million Blockchain gaming publisher Animoca Brands announced the company has raised $110 million in a funding
Exclusive: Mike Flood is shaking up Congress over cryptocurrency
Rudy Takala1 hour agoExclusive: Mike Flood is shaking up Congress over cryptocurrencyMike Flood, a second-term lawmaker from Nebraska, has played central casting in the effort to make Congress move on crypto policy.284 T
Defi Index CVX Measures Crypto ‘Market Fear’ and Implied Volatility
Defi Index CVX Measures Crypto "Market Fear" and Implied Volatility The decentralized finance (defi) platform cvx.finance has launched the beta version of its &l
1 Million Bitcoin In New Whale Hands—A Mega BTC Rally On The Horizon?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
VeChain Partners Alchemy Pay for Fiat Payment Rails and Crypto on-Ramps
VeChain Partners Alchemy Pay for Fiat Payment Rails and Crypto on-Ramps press release PRESS RELEASE.Palo Alto, USA, March 2022 – Vechain (VET), the leading layer-1 smart cont
Ray Salmond3 hours agoCrypto traders are looking at Dogecoin (DOGE) again — Here’s whyDOGE flashes a rarely seen technical signal that has historically been followed by a parabolic rally.1330 Total views4 Total share
India’s Central Bank RBI Still Has ‘Serious Concerns’ About Cryptocurrency
India"s Central Bank RBI Still Has "Serious Concerns" About Cryptocurrency The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has once again expressed concerns regar