Bitcoin adoption is “accelerating”, according to Fidelity’s head of digital assets, and it is stated that “we have reached a turning point”. He explained that investors are increasingly drawn to Bitcoin. “Especially in an environment where central banks and governments have seen unprecedented monetary and fiscal stimulus in response to the pandemic.”
The turning point of the Bitcoin introduction
Tom Jessop, President of Fidelity Digital Assets at Fidelity Investments, spoke about the launch of Bitcoin on Wednesday during an interview at Marketwatch and Barron’s “Investing in Crypto” event. Jessop is also Head of Corporate Business Development at Fidelity Investments.
The Fidelity manager says the maturation and adoption of Bitcoin as an asset class “will accelerate rapidly in the years to come,” said Marketwatch, adding that this suggests that cryptocurrency may have turned a corner in traditional financial circles.
He was quoted as saying:
I think we will continue to see adoption accelerate for a number of reasons.
The head of digital assets at Fidelity has already spoken of the fact that the Bitcoin market is becoming more mature. “There is more liquidity. The volatility has decreased by around 50% compared to 2017. So we believe that the makeup of this investor base that is driving the market higher today is fundamentally different from what it was three years ago, ”he said in January.
Jessop went on to explain on Wednesday why investors are increasingly drawn to Bitcoin, citing factors such as ultra-low interest rates and an environment stimulated by money-saving policies.
“I think you’ve had the experience that the Bitcoin blockchain has been in operation for about 12 years since the Genesis block in early 2009. And, quite frankly, the pandemic has been a catalyst for institutional adoption, especially Bitcoin and the narrative. or use case related to digital gold, ”described Jessop.
The Fidelity executive said, “Particularly in an environment where central banks and governments have seen unprecedented monetary and fiscal stimulus in response to the pandemic,” adding:
I think we have reached a turning point … We are not going to leave this stimulated environment anytime soon.
Jessop isn’t the only finance manager who believes Bitcoin has reached a tipping point. Bitcoin bull Mike Novogratz, CEO of Galaxy Digital, said last month, “The introduction of bitcoin has reached a tipping point and investors don’t want to sit on the sidelines.” His comment followed the approval of some Bitcoin Exchange Traded Funds (ETFs) in Canada. Meanwhile, the investment bank Goldman Sachs also sees the Bitcoin market becoming more mature.
Do you agree with Tom Jessop on the turning point in introducing Bitcoin? Let us know in the comments below.
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