Andrew Peel, who leads the digital money trading at Morgan Stanley, said getting approval for Bitcoin ETFs that trade in real-time is really important, in a note to investors. He said that these approvals are a big step in the use of Bitcoin by the worldwide financial system.
Fifteen years ago, people talked about the idea of Bitcoin on the internet forum. Currently, it is a big part of money world because Wall Street now uses spot Bitcoin ETFs. Peel thinks that this change might show that people are starting to think differently about and use digital money.
Peel also explained the dangers that could make the US dollar lose its status as the world’s main reserve currency. Right now, 60% of the world’s foreign money reserves are in dollars. On the other hand, the Chinese money makes up only 2. 5% of these amounts, even though China has been trying to increase its trade with other countries.
However, the dollar’s dominance could be threatened by “de-dollarization” according to the analyst. One of the dangers is the widespread use of Bitcoin. Peel said that 100 million people around the world have digital money and there are Bitcoin machines in 82 countries.
Peel also said that stablecoins could be the most important use of crypto. He noticed that stablecoin transactions have been as high as those of Visa and PayPal in recent years.
This is not a suggestion on how to invest your money.