A note from Morgan Stanley emphasised what it referred to as “a paradigm shift in the global perception and use of digital assets”, citing:
- 106 million people holding Bitcoin
- Bitcoin ATMs available in over 80 countries
- spot Bitcoin exchange-traded funds (ETFs) approved by the U.S. Securities and Exchange Commission (SEC)
And that central bank digital currencies (CBDCs) have the potential to establish a unified standard for cross-border payments, which could diminish the reliance on traditional intermediaries like SWIFT and the use of dominant currencies such as the dollar
MS says such developments will chip away at the dominace of the US dollar, weakening its hold on global financing.
Bitcoin update: