1 No-Brainer Cryptocurrency to Buy Before It Soars in Value, If Morgan Stanley Is Right
For more than a decade, crypto enthusiasts have been banging the drum for Bitcoin (CRYPTO: BTC), 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 (NYSE: MS), 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.
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 economy and that there's room for new digital assets such as Bitcoin to play a much bigger part. For example, says Morgan Stanley, the U.S. now accounts for only 25% of global gross domestic product (GDP), yet 60% of all foreign exchange reserves held worldwide are in dollars.
Source Fool.com
