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According to an analysis, Bitcoin (BTC, number one market cap) has the potential to replace the dollar.
Recently, Ruchir Sharma, head of emerging markets at global investment management firm Morgan Stanley, said in a contribution to the Financial Times, “This year’s cryptocurrency boom should be taken as a warning against reckless issuance of currency by central banks around the world.
“The millennials are constantly looking for alternatives, and people are starting to buy digital gold, or bitcoin, to hedge the dollar’s weakness. In fact, some companies are adopting BTC as a means of payment,” he said. And in countries where the local currency is experiencing extreme value fluctuations, the adoption of BTC is on the rise.”
In addition, Pierre Rochard, founder of Bitcoin Advisory, a cryptocurrency investment advisory company, said through Twitter that “Bitcoin will be the best monetary system in terms of stability, integrity and reliability.”
He added, “Bitcoin node performs the world’s best macroprudential test on its own. The decentralized network minimizes system uncertainty and maximizes user freedom and control capabilities. Optimal monetary system.”
On the other hand, Dan Held, head of business at Kraken, a US cryptocurrency exchange, said, “Bitcoin is not suitable for everyday payment. The transaction fees are too high and the verification process is too slow. It is unnecessary,” he stressed, “You should not consume bitcoin and hold it for a long time.”
“There are cases where bitcoin is used for illegal online payments. However, this is very rare.” “Rather, the value of BTC is higher in storing wealth and preventing government inflation and seizure of assets. Bitcoin’s The real value lies in the freedom of money and the holding of assets in a way that the government cannot confiscate.”
Meanwhile, Tom Jessop, chief executive of Fidelity Digital Assets (FDAS) under Fidelity, a global asset management company, said, “There is still too much volatility to say that Bitcoin is a true store of value.”
“BTC’s volatility is still very large, and I don’t think it can be a true store of value by any criteria. The word “potential value storage means” is used.”
“Like other cryptocurrencies, BTC has suffered volatility over the past 12 years. However, some experts believe that the supply of BTC is limited, and that this makes Bitcoin’s value. “They believe that Bitcoin is a high-risk asset and a major payment method recognized by the market.”
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