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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

ETF Manager CEO: Bitcoin Has Cemented Itself As A Dollar Alternative

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin dollar fed

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The dollar’s recent weakness and the decline has economists calling for the death knell. Amidst the discussion surrounding dethroning the asset, other competing currencies, and even gold are being pointed to as alternatives suitable as the next global reserve currency. However, according to one ETF manager CEO, Bitcoin has also cemented itself as a viable “alternative to the dollar” and could one day assume its role.

The Dollar’s Continued Decline Sparks Conversations Of Alternative Currencies

The dollar’s role as the global reserve currency isn’t an easy one, but it does come with plenty of benefits. The dollar’s dominance has helped the United States’ economy thrive over the last hundred years, making it a superpower across the globe.

All other assets in the world trade against USD and acts as the base currency in which all exchange rates are determined. The dollar has long enjoyed its power mostly unchallenged, but times are changes, the tides are turning for the US, and the dollar is being crushed by its own crown.

Related Reading | US Dollar Could See Bearish Reversal: Is A Bitcoin Reckoning Coming?

The entire global economy revolves around this major world currency, and maintaining the top spot isn’t always easy. The United States has been forced to print more and more money supply in order to stave off recession and help its citizens withstand the crunch from the country’s shrinking GDP.

The global reserve currency’s weakness has sparked conversations about its eventual demise, but signs show that the currency is ready for a major comeback. This comeback could be responsible for the recent pullback in Bitcoin and gold.

Move Over Gold: ETF Manager Says Bitcoin Has Cemented Itself As An Alternative To USD

Still, discussions remain surrounding potential alternatives to the dollar. JP Morgan’s Stephen Roach pointed to the upcoming digital yuan, gold, or perhaps even Bitcoin as an alternative to the dollar. Others have begun to echo that sentiment, including CEO of ETF manager GraniteShares, Will Rhind.

“Bitcoin’s rise is the same story as gold. Investors are looking for alternatives to stocks, bonds and the dollar,” he told CNN. “Gold is the currency of last resort, but bitcoin has cemented itself as an alternative to the dollar as well.”

Although Bitcoin’s safe haven narrative fizzled out in late 2019 as the asset crashed and gold continued to gain, a recent trend says its returning in a major way. And this latest round is coming from hedge fund managers.

Related Reading | Economist: Early Days of Bitcoin Uptrend Are Here, Breakout Has A Long Way To Go

Recently, the Nasdaq-listed MicroStrategy disclosed a new 21,000 BTC investment to the SEC, calling the cryptocurrency a “reasonable hedge against inflation.” Paul Tudor Jones, another famous billionaire hedge fund manager compared Bitcoin to gold’s role in the 70s. And finally, a top British fund with billions of pounds worth of assets under management is considering allocating as much as 30% of their gold holdings into Bitcoin.

This same hedge fund manager, says that Bitcoin has reached its now or never moment with institutions, who are ready to begin adopting the cryptocurrency alongside their gold holdings and other hedges against the dollar, stocks, bonds, and other failing investments.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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