According to Fidelity Investment Inc., and the recent 26-page paper analysis ‘Bitcoin First: Why investors need to consider bitcoin separately from other digital assets‘ produced by Fidelity’s digital asset department, new investors looking to obtain exposure to cryptocurrencies should examine Bitcoin independently from other digital currencies.
As per the report, BTC is stated to be inherently distinct from the many other virtual assets participating in the market and no other digital asset is expected to surpass the leading cryptocurrency ”as a monetary good”. The corporation claimed that any advancement in Bitcoin as a monetary good will include tradeoffs because BTC is the most decentralized, secure, scalable, and steady digital currency.
Fidelity introduced a spot Bitcoin exchange-traded fund (ETF) in Canada in November last year. Last month, the multinational financial services corporation also stated that it will allocate a small percentage of its Bitcoin ETF to two of its largest funds.
Attention around Bitcoin has recently skyrocketed, with investors, including institutional and business clients, seeking exposure to the asset class as a hedge against inflation. Bitcoin’s exceptional qualities as a store of value have also led to its adoption in major cities and nations.
Consider that El Salvador made a dive into the cryptocurrency world last year when it approved bitcoin as legal tender. The nation was pushed to acquire BTC repeatedly as a result of the developments.
Meanwhile, Miami announced various Bitcoin-related campaigns for the town, including shifting 1% of the city’s treasury to bitcoin, paying employee wages in BTC, and taking taxes in BTC.
The architect of Bitcoin, Satoshi Nakamoto also wanted it to be a secure medium of exchange, and advocates of BTC have claimed this for over a decade. Today the fact that a 4.2 trillion USD assets management corporation reports Bitcoin as a superior form of money is a sign of mainstream adoption.
Photo by Scott Graham