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In a recent episode of the ‘What Bitcoin Did’ podcast, hosted by the “King of Bedford” Peter McCormack, macro strategist Lyn Alden expects Bitcoin (BTC) to become the most dominant currency and thereby will surpassing all other digital currencies.
Alden believes that the race for dominance is one between BTC and central bank digital currencies (CBDCs). She said:
“I think the digitization of money is inevitable, and then the question is, ‘Which type becomes dominant?’ Is Bitcoin strong enough to push back on government control over it, or does it run into a number of shortcomings and governments are able to make their CBDCs rather dominant? And I err towards Bitcoin being successful long term. I think it has the properties.
It checks off a number of boxes, and even the boxes it doesn’t check off are within sight of being able to be checked off as technology improves and as it just gets more widely held, and it becomes better. So I think longer term, I think Bitcoin… You can call it the fastest horse in the race. It’s I think the best thing to bet on, even though for most people I wouldn’t recommend 100% allocation to Bitcoin, but I think it’s something silly not to have any of at this point.”
Alden further highlighted Bitcoin’s unique characteristics, noting that it isn’t someone else’s liability, such as equities or bonds or currencies and. She also pointed out that Bitcoin is more portable than gold and the flagship cryptocurrency’s potential to be used for “censorship-resistant” payments.
“It has a variety of use cases, and so I think in addition to being an investment, in addition to being savings, it’s also insurance. It gives you that optionality in a way that other assets don’t.”