Historian and senior fellow at the Hoover Institution, Stanford University, Niall Ferguson supposes that Joe Biden should integrate bitcoin in the country’s financial system, instead of "building [its] own versions of China’s electronic payments systems."
According to the research conducted by British economic and financial historian Niall Ferguson, bitcoin will keep its dominance in the near future. Ferguson came to such a conclusion after the analysis of the dynamics of the US dollar, gold, and bitcoin amid the monetary revolution caused by the coronavirus pandemic.
The scientist emphasizes that such investors as Paul Tudor Jones, Stanley Druckenmiller, Bill Miller, and even Ray Dalio have admitted the leadership of the first cryptocurrency. The former opponents of bitcoin, including Nouriel Rubini and Peter Schiff, have also changed their attitude.
Ferguson believes that the coronavirus pandemic has triggered some changes in the global monetary policy. The main digital asset has also advanced due to the virus outbreak. In the last ten months, BTC has broken its previous record highs.
Niall Ferguson noted that more and more investors treated bitcoin as a tool of keeping their savings. That is why one of the most popular payment systems has provided its clients with the opportunity to perform operations with the cryptocurrency.
The current year has been really good for the digital yuan. Niall Ferguson thinks that China’s CBDC could be of high demand due to the transborder trade settlements between the Belt and Road Initiative member-countries.
He is sure that cash will disappear in the near future, and the demand for privacy will grow significantly. All payments will be tracked by Artificial Intelligence (AI), processed centrally, and stored in cloud storage. According to Ferguson, the Joe Biden administration should not follow the example of China and create its own digital currency. The historian recommends recognizing the advantage of bitcoin, which meets the needs of the US financial system and the mentality of Americans.