Bitcoin's and CBDC's Potential to Replace the US Dollar as Global Currency Says Morgan Stanley

Morgan Stanley analysts believe that Bitcoin (BTC) and CBDCs have the potential to challenge the dollar.
According to a new Morgan Stanley report, BTC could push the US dollar ahead as a global currency, accounting for approximately 60% of international foreign exchange reserves.
According to Andrew Peel, Morgan Stanley's head of digital assets, the SEC's approval of a list of spot Bitcoin ETFs in the United States has significantly accelerated this shift, with weekly inflows into new products exceeding $1.18 billion. Aside from that, BTC has grown steadily over the last 15 years, and 106 million people worldwide now own the cryptocurrency, with Bitcoin ATMs available in more than 80 countries.
However, CBDCs from other countries may have an impact on the dominance of the US dollar by enabling fast cross-border payments without the need for a common currency such as the US dollar.
According to Block Research, the current Bitcoin denomination is nearly 49%. Bitcoin held more than 51.4% of the cryptocurrency market in November 2023, one of the highest figures in recent years. Bitcoin's growing dominance highlights its importance in the cryptocurrency market, as well as the impact it has on altcoins and overall sentiment.