The approval of the first Bitcoin (BTC) spot exchange-traded funds (ETFs) in the US you probably didn't miss last week.
It's a historic moment for the crypto industry and perhaps even for the entire financial world, says giant investment bank Morgan Stanley.
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Bitcoin ETF is a global shift in the perception of crypto
According to the major American bank, the approval of 11 spot Bitcoin ETF applications is a good sign for the adoption of cryptocurrencies as a full-fledged financial instrument.
Andrew Peel, director and head of digital assets at Morgan Stanley, even describes the approval as a shift in the global perception of Bitcoin and other cryptocurrencies:
“In January, U.S. regulators gave BlackRock and 10 other asset managers the green light to offer spot Bitcoin exchange-traded funds (ETFs), marking a potential paradigm shift in the global perception and use of digital assets,” Peel said.
In a blog article, Peel writes about all the threats that exist to the dominant position of the US dollar. Bitcoin could pose one of the biggest threats to the top spot of global monetary dominance.
Bitcoin is experiencing very strong growth in adoption. Peel reports that 106 million people on earth now own a fraction of a Bitcoin.
This also includes large companies like Tesla and of course El Salvador, the first country in the world to adopt Bitcoin as legal tender and keep it in its treasury.
Stablecoins are the “killer app” of crypto
Stablecoins could have even more potential, writes the bank director. Stablecoins are cryptocurrencies whose value is pegged to another asset, such as the dollar. Peel says stablecoins could be crypto’s “killer app.”
He reports that stablecoin trading volumes in recent years have already been as high as major payment companies such as PayPal and even Visa.
These companies, Visa and PayPal, have now also penetrated the stablecoin industry themselves. Visa integrates USDC on Solana (SOL) and PayPal launched the PYUSD stablecoin.
Finally, Peel mentions another form of stablecoins, namely those of central banks. The arrival of the so-called Central Bank Digital Currencies (CBDCs), including a digital dollar and a euro, could also threaten the dominance of the regular dollar.
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