Bitcoin 'Making Progress' on Bid to Oust Dollar, Morgan Stanley Chief Global Strategist Says

Bitcoin's success should force governments to grapple with falling public trust in fiat currencies.

AccessTimeIconDec 9, 2020 at 7:40 p.m. UTC
Updated Sep 14, 2021 at 10:41 a.m. UTC

Morgan Stanley Investment Management's Chief Global Strategist Ruchir Sharma waxed bullish on bitcoin's potential to usurp the U.S. dollar for payments in a Wednesday Financial Times op-ed.

  • "Today, most bitcoins are held as an investment, not used to pay bills, but that is changing," Sharma wrote. He cited increasing BTC usage in small pockets of international trade and PayPal's recent move to tap cryptocurrencies as a funding mechaism.
  • Considered in the context of falling faith in ever-growing dollar reserves, this trend could bode well for the market-leading cryptocurrency. Sharma argued that "bitcoin will gain" as its traditional competitors falter.
  • Sharma cautioned the bitcoin bubble may yet burst. Even if it does, governments and their money printers should be shaken.
  • "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," Sharma warned.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC