Morgan Stanley: BTC will displace US dollar

According to strategists at the American bank Morgan Stanley, BTC is the biggest threat to the US dollar.

RuchirSharma, Head of Emerging Markets, MorganStanley is confident that the dollar's hegemony will not last long. Reducing confidence in the dollar as a reserve currency will benefit Bitcoin's capitalization, he said.

In his interview with the Financial Times, he said thatother major fiat currencies (euro, yuan) failed to gain mass public trust and become the heir to the US dollar. According to him, decentralized assets – like Bitcoin – are much more threatening to the dollar's dominance. 

He declared:

The dollar hegemony will end when the whole worldunderstands that the United States cannot continue to pay its debts steadily. The Fed's typewriter will continue to work even after the pandemic ends. Bitcoin price will respond positively to the loss of confidence in traditional currencies.

Sharma continued:

Bitcoin's Rise Could Still Be a Bubble, Buteven if it does burst, this year's crypto rush should be a warning sign for governments– Don't assume that your fiat currencies are the only store of value that people believe in.

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