Bitcoin will gradually replace the dollar, the American currency will lose its reserve status. This was stated by the global strategist Morgan Stanley Ruchir Sharma in the Finance Times column.
The dollar has been a reserve currency for 100 years. According to the analyst, his dominance will end when the world begins to lose confidence in the ability of the United States to pay its obligations. Sharma calls the cryptocurrency the main threat to the dollar, it is she who can claim the reserve status.
During the pandemic, the demand for bitcoin has grown due to the fall in public confidence in national currencies, the expert said. He points out that small companies have begun to use bitcoin in international trade. In addition, people have begun to believe more in digital assets.
Bitcoin price on November 30 set a historical record, rising to 19 857, 03 dollars. In 2020, the cryptocurrency has risen in price by more than 170 percent. Only since the beginning of September has Bitcoin doubled its value. According to Dow Jones, the cryptocurrency is growing amid general optimism in global markets.