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Home»ADOPTION NEWS»Morgan Stanley: Spot Bitcoin ETF Approval Is a ‘Potential Paradigm Shift’ in Global Perspectives on Cryptocurrencies
ADOPTION NEWS

Morgan Stanley: Spot Bitcoin ETF Approval Is a ‘Potential Paradigm Shift’ in Global Perspectives on Cryptocurrencies

By Crypto FlexsJanuary 13, 20242 Mins Read
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Morgan Stanley: Spot Bitcoin ETF Approval Is a ‘Potential Paradigm Shift’ in Global Perspectives on Cryptocurrencies
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15 years ago, Bitcoin was an idea that surfaced on Internet forums. With the volume of stablecoins now rivaling payments networks such as PayPal and Visa, Wall Street’s adoption of Bitcoin in the form of a spot Bitcoin ​ETF represents “a potential paradigm shift in the global perception and use of digital assets.” “It could mean,” said Andrew Peel, head of digital. Investment bank Morgan Stanley’s asset market.

In a note to investors, Peel provided an overview of the current threats to the US dollar’s current reign as the world’s reserve currency, as 60% of the world’s foreign exchange reserve balances are held in dollars. By comparison, China’s yuan accounts for only 2.5% of its balances, despite recent efforts to increase foreign trade.

However, Peel wrote that several “dollar devaluation” threats could erode the dollar’s top position, including the “surprising” adoption of Bitcoin globally, noting that 100 million people globally hold cryptocurrencies ( Peel claims there are Bitcoin ATMs in 82 countries). With large corporations like Tesla and the sovereign nation of El Salvador.

However, according to Peel, stablecoins could prove to be the “killer app” for cryptocurrencies. Peel points out that in recent years, stablecoin trading volume has rivaled that of traditional digital clearinghouses such as Visa and PayPal. Both Visa and PayPal have taken steps to bring about their own stablecoin adoption, with Visa integrating USDC into Solana and PayPal’s PYUSD stablecoin.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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