For more than a decade, crypto enthusiasts have been banging the drum for Bitcoin (BTC 2.91%), calling it the future of money. They have argued that Bitcoin is more reliable as a store of value than fiat money, and they have preferred to hold Bitcoin over dollar-denominated assets. And now, it looks like Wall Street is starting to come around to this same way of thinking.
According to Morgan Stanley (MS -0.12%), the recent approval of the new spot Bitcoin ETFs marks a potential paradigm shift in the way we think about not only cryptocurrency but also the entire global financial system. If that’s the case, it could be time to buy Bitcoin before it skyrockets in value.
Morgan Stanley’s de-dollarization thesis
There’s a lot to unpack here, but one of the primary focal points of the Morgan Stanley report is the de-dollarization thesis. Broadly speaking, it argues that the U.S. dollar plays a disproportionate role in today’s global…
