đđđ #Bitcoinâs âremarkableâ growth and CBDCs threaten the US dollar: Morgan Stanley
Morgan Stanley's head of digital assets, Andrew Peel, has raised concerns about a potential "paradigm shift" in the perception and use of digital assets, including Bitcoin and central bank digital currencies (CBDCs), that could challenge the dominance of the United States dollar (#USD ) as a global currency. Despite the USD making up approximately 60% of global foreign exchange reserves, Peel highlighted the accelerating shift in global perceptions and usage of digital assets, especially with the recent approval of spot Bitcoin exchange-traded funds (#ETFs ) by the U.S. Securities and Exchange Commission (SEC). The influx of over $1.18 billion in weekly inflows into these new products indicates a growing interest in digital assets.
Peel emphasized Bitcoin's remarkable global adoption over the past 15 years, with 106 million people worldwide holding the cryptocurrency and the presence of Bitcoin ATMs in over 80 countries. He also pointed out that the development of CBDCs by various countries could further impact the dominance of the USD, allowing for swift cross-border payments without relying on a common currency like the USD.
The proliferation of CBDCs is evident, with 130 countries, representing over 98% of global GDP, exploring or developing their own digital currencies, according to data from #CBDC Tracker. This significant increase in CBDC exploration adds to the potential challenges facing the USD's global dominance.
Source - cointelegraph.com