Morgan Stanley: Approval of Bitcoin ETF is a "potential paradigm shift" in the global cryptocurrency landscape

Andrew Peel, Head of Digital Asset Markets at investment bank Morgan Stanley, stated in a letter to investors that the approval of a spot Bitcoin ETF signifies an important point for the global financial system adopting Bitcoin. Fifteen years ago, Bitcoin was just an idea on an internet forum. Now, with the competition between stablecoins and payment networks like PayPal and Visa, Wall Street's adoption of Bitcoin through a spot Bitcoin ETF may mark a "potential paradigm shift in global digital asset perception and usage." Peel wrote that some threats to de-dollarization could weaken the US dollar's position at the top, including the "significant" adoption of Bitcoin globally, noting that there are 100 million people worldwide holding cryptocurrencies. There are 82 countries with Bitcoin ATMs, as well as entities such as Tesla and sovereign nation El Salvador.