Morgan Stanley Chief Global Strategist Sees a Future Where BTC Threatens the Dollar

Via a Wednesday, 10th of December, 2020 Financial Times Opinions and Editorials Page, Ruchir Sharma, who is the Morgan Stanley Investment Management’s Chief Global Strategist, made highly optimistic remarks on Bitcoin’s apparent ability to eclipse the United States dollar in the latter’s use for payments services. 

The Morgan Stanley Investment Management’s Chief Global Strategist

notes:

“Today, most Bitcoins are held as an investment, not used to pay bills, but that is changing,” 

According to Sharma, PayPal’s most recent move to enable crypto on its platform and the increase in BTC (BTC, +2.60%) utilization for cross country trading is a system of financing. 

With the current look of things for “the digital gold”, it appears that BTC will continue to rise as its traditional store of value contenders may scramble. Nevertheless, he sees a situation where the BTC bubble may pop in the nearest future. Whether or not BTC experiences muddled waters, the government and attendant money printing agencies may well tremble.

He notes:

“Do not assume that your traditional currencies are the only stores of value, or mediums of exchange, that people will ever trust. Tech- savvy people are not likely to stop looking for alternatives until they find or invent one.”