Doctor Strange has been credited with introducing magic and mysticism in the world of Marvel Cinematic Universe. He is, however, not the first magic practicing character in Marvel, rather the first hero to fully be enveloped in it. Loki has long been a practitioner (many of his plays have a magical element to them) but he is a villain, so by Marvel logic, that does not fully count. The past three Phases has proved that MCU is the world for heroes and not villains.
The two characters will undoubtedly meet in the upcoming Thor Ragnarok, and it may be an eventful meeting for at least one of them Loki is, after all an Asgardian god known to create mischief. Tom Hiddleston teased of Loki’s first impression during his press tour for Kong: Skull Island. The actor said:
“I think he probably dismisses Strange. Yes, his sorcery is very impressive, but Loki’s been doing that for centuries so who cares. Hela is a different beast and full of surprises and actually might have been someone with whom at one time he could’ve gotten along, but the circumstances have changed.”
Stephen Strange, when we were first introduced to him was just getting his toes wet in the world of magic. A somewhat green practitioner of magic as compared to Loki who has had much practice in that world, Strange cannot be comprehended as an equal to the Asgardian god. But Thor consults Strange for a pivotal reason he asks the Sorcerer Supreme to locate his missing father Odin who had been banished by Loki in The Dark world.
Doctor Strange will definitely make an impression with the Asgardians, but with a threat like Hela looming over them, it’s unlikely that they would view him as a threat.There has yet to be indication about how significant Strange’s role will be in Ragnarok, so we’ll only have to wait patiently until the movie releases to really see what Strange will be for Asgard.