{"id":460920,"date":"2021-04-09T21:00:39","date_gmt":"2021-04-09T21:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=460920"},"modified":"2021-04-09T20:46:52","modified_gmt":"2021-04-09T20:46:52","slug":"why-bitcoin-could-favor-usd-dominance-over-digital-yuan","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-could-favor-usd-dominance-over-digital-yuan\/","title":{"rendered":"Why Bitcoin could favor USD dominance over Digital Yuan"},"content":{"rendered":"<p>Contrary to what many in the crypto space are discussing, Senior Commodity Strategist for Bloomberg, Mike McGlone, has made the case for Bitcoin being beneficial for the U.S. dollar over China\u2019s digital Yuan.<\/p>\n<p>According to McGlone, the cryptocurrency is \u201ceclipsing\u201d Yuan&#8217;s global adoption. Specifically, the U.S. dollar is showing \u201corganic adoption\u201d in the digital ecosystem, as shown by the following chart. Mcglone claims:<\/p>\n<blockquote><p>Bitcoin May Enhance Dollar Dominance, Highlight China Drawbacks &#8211; Despite concerns about China&#8217;s development of a digital yuan, Bitcoin is enhancing the dollar&#8217;s dominance and is a risk to gold. Bitcoin may be accentuating the drawbacks of a lack of free markets &amp; discourse.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Dollar&#39;s Digital Dominance Eclipsing China Yuan Global Adoption &#8211; <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> going mainstream tops the crypto-market headlines in 2021, but the increasing dominance of the dollar is equally significant. Organic adoption of the world&#39;s reserve currency in the digital ecosystem.. <a href=\"https:\/\/t.co\/MB3NfCaD9a\" rel=\"nofollow\">pic.twitter.com\/MB3NfCaD9a<\/a><\/p>\n<p>&mdash; Mike McGlone (@mikemcglone11) <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/19098371?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Institutions not adopting Bitcoin could be at risk<\/h2>\n<p>For Gold holders, the benchmark cryptocurrency has also become a nuisance. The precious metal is underperforming and retracing to levels of support under $1,700, as McGlone claims. He added:<\/p>\n<blockquote><p>most indicators show a shifting global tide that favors the nascent digital currency as a reserve asset.<\/p><\/blockquote>\n<p>The expert claims Bitcoin has \u201centered a unique state\u201d in terms of adoption. Therefore, he claims those company managers and executives unwilling to allocate capital to BTC could be at risk of missing out on more appreciation.<\/p>\n<p>In that regard, McGlone estimates BTC\u2019s price to be on a similar path that in 2013 when it registered 55x gains and in 2017 when it reached the historical $20,000 mark. This would put Bitcoin near $400,000 this year. He added:<\/p>\n<blockquote><p>The technical outlook for Bitcoin in 2021 remains strongly upward, if past patterns repeat. Common companions for strong annual rallies in the first-born crypto &#8212; low volatility and halvings &#8212; are aligned favorable.<\/p><\/blockquote>\n<p>At the time of writing, Bitcoin is reclaiming the higher levels of the $50,000 and seems to be pushing harder towards its resistance zone. The cryptocurrency trades at $58,451 with 1.2% gains in the daily chart.<\/p>\n<figure id=\"attachment_460922\" aria-describedby=\"caption-attachment-460922\" style=\"width: 758px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-460922 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTCUSD-1.jpg?resize=758%2C374\" alt=\"Bitcoin BTCUSD\" width=\"758\" height=\"374\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTCUSD-1.jpg?w=758 758w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTCUSD-1.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTCUSD-1.jpg?w=750 750w\" sizes=\"auto, (max-width: 758px) 100vw, 758px\"><figcaption id=\"caption-attachment-460922\" class=\"wp-caption-text\">BTC showing signs of recovery in the 24-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/\" target=\"_blank\" rel=\"nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>The Strategist points to the low amount of BTC on exchange platforms as possible evidence of further appreciation. When the metric reserves, the <a href=\"https:\/\/wncen.com\/analysis\/btc\/crypto-escape-velocity-bitcoin-60k\/\">market could be \u201cdominated\u201d by the sellers and BTC\u2019s price might have the same fate as in 2017<\/a>.<\/p>\n<blockquote><p>The 2015-17 bull run peaked around the time more Bitcoins were moved back on exchanges than the previous high from 2016. Our takeaway from this metric is that buyers are taking Bitcoins off exchanges and moving into longer-term storage, some earning interest.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Contrary to what many in the crypto space are discussing, Senior Commodity Strategist for Bloomberg, Mike McGlone, has made the case for Bitcoin being beneficial for the U.S. dollar over China\u2019s digital Yuan. According to McGlone, the cryptocurrency is \u201ceclipsing\u201d Yuan&#8217;s global adoption. Specifically, the U.S. dollar is showing \u201corganic adoption\u201d in the digital ecosystem, as shown by the following chart. Mcglone claims: Bitcoin May Enhance Dollar Dominance, Highlight China Drawbacks &#8211; Despite concerns about China&#8217;s development of a digital yuan, Bitcoin is enhancing the dollar&#8217;s dominance and is a risk to gold. Bitcoin may be accentuating the drawbacks of a lack of free markets &amp; discourse. Dollar&#39;s Digital Dominance Eclipsing China Yuan Global Adoption &#8211; #Bitcoin going mainstream tops the crypto-market headlines in 2021, but the increasing dominance of the dollar is equally significant. Organic adoption of the world&#39;s reserve currency in the digital ecosystem.. pic.twitter.com\/MB3NfCaD9a &mdash; Mike McGlone (@mikemcglone11) April 7, 2021 Institutions not adopting Bitcoin could be at risk For Gold holders, the benchmark cryptocurrency has also become a nuisance. The precious metal is underperforming and retracing to levels of support under $1,700, as McGlone claims. He added: most indicators show a shifting global tide that favors the nascent digital currency as a reserve asset. The expert claims Bitcoin has \u201centered a unique state\u201d in terms of adoption. Therefore, he claims those company managers and executives unwilling to allocate capital to BTC could be at risk of missing out on more appreciation. In that regard, McGlone estimates BTC\u2019s price to be on a similar path that in 2013 when it registered 55x gains and in 2017 when it reached the historical $20,000 mark. This would put Bitcoin near $400,000 this year. He added: The technical outlook for Bitcoin in 2021 remains strongly upward, if past patterns repeat. Common companions for strong annual rallies in the first-born crypto &#8212; low volatility and halvings &#8212; are aligned favorable. At the time of writing, Bitcoin is reclaiming the higher levels of the $50,000 and seems to be pushing harder towards its resistance zone. The cryptocurrency trades at $58,451 with 1.2% gains in the daily chart. The Strategist points to the low amount of BTC on exchange platforms as possible evidence of further appreciation. When the metric reserves, the market could be \u201cdominated\u201d by the sellers and BTC\u2019s price might have the same fate as in 2017. The 2015-17 bull run peaked around the time more Bitcoins were moved back on exchanges than the previous high from 2016. Our takeaway from this metric is that buyers are taking Bitcoins off exchanges and moving into longer-term storage, some earning interest.<\/p>\n","protected":false},"author":535,"featured_media":460921,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1144],"class_list":["post-460920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Why Bitcoin could favor USD dominance over Digital Yuan<\/title>\n<meta name=\"description\" content=\"Contrary to what many in the crypto space are discussing, Senior Commodity Strategist for Bloomberg, Mike McGlone, has made the case for Bitcoin being\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin could favor USD dominance over Digital Yuan","url":"http:\/\/wncen.com\/news\/why-bitcoin-could-favor-usd-dominance-over-digital-yuan\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-bitcoin-could-favor-usd-dominance-over-digital-yuan\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-7.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-7.jpg?fit=1022%2C587"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-04-09T21:00:39Z","datePublished":"2021-04-09T21:00:39Z","dateModified":"2021-04-09T21:00:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin could favor USD dominance over Digital Yuan\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-could-favor-usd-dominance-over-digital-yuan\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-bitcoin-could-favor-usd-dominance-over-digital-yuan\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-7.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-7.jpg?fit=1022%2C587\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-04-09T21:00:39Z\",\"datePublished\":\"2021-04-09T21:00:39Z\",\"dateModified\":\"2021-04-09T21:00:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-7.jpg?fit=1022%2C587","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/460920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=460920"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/460920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/460921"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=460920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=460920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=460920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}