The head of digital assets at Fidelity says bitcoin adoption will continue to accelerate, noting that we have reached an inflection point. He explained that investors are increasingly attracted to bitcoin, especially as we see unprecedented monetary and fiscal stimulus from central banks and governments in response to the pandemic.
Bitcoin turning point
Tom Jessop, president of Fidelity Digital Assets at Fidelity Investments, discussed bitcoin adoption in an interview with Marketwatch and at Barron’s Crypto Investments event on Wednesday. Mr Jessop is also Head of Corporate Development at Fidelity Investments.
A senior executive at Fidelity says the maturation and acceptance of bitcoin as an asset class will continue at a rapid pace in the coming years, as detailed by Marketwatch, adding that this suggests cryptocurrency may be turning the corner in traditional financial circles.
He was quoted:
I think we still see an expedited procedure for a number of reasons.
Fidelity’s head of digital assets previously spoke about the maturation of the bitcoin market. More money. Volatility decreased by approximately 50% compared to 2017. So, uh… We think the composition of that investor base driving the market today is fundamentally different than it was three years ago, he said in January.
Jessop went on to explain on Wednesday why investors are increasingly attracted to bitcoin, citing factors such as ultra-low interest rates and conditions resulting from easy money policies.
I think you guys have the collective experience of about 12 years of Bitcoin blockchain, starting with the Genesis blockchain in early 2009. And the pandemic has, frankly, been a catalyst for institutional adoption and, in particular, for bitcoin and the narrative or use around digital gold, Jessop describes.
Especially as we have seen unprecedented monetary and fiscal stimulus from central banks and governments in response to the pandemic, the Fidelity manager adds:
I think we’ve reached a tipping point….. We are not about to leave this stimulated environment.
Jessop isn’t the only CFO who thinks bitcoin has reached a tipping point. Bitcoin bull Mike Novogratz, CEO of Galaxy Digital, said last month that bitcoin adoption had reached a tipping point and that investors didn’t want to sit on the sidelines. His comments follow the approval of certain bitcoin exchange-traded funds (ETFs) in Canada. Investment bank Goldman Sachs also sees the bitcoin market coming of age.
Do you agree with Tom Jessop on the tipping point for bitcoin adoption? Let us know your comments in the section below.
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