Fidelity Addresses Two Bullish Catalysts Than Can Boost Bitcoin’s Price | CryptoGazette
https://ift.tt/MKPC40d86
There are all kinds of bullish moves taking place in the crypto space, and the latest vibes come from financial giant Fidelity.
Fidelity is making the case for Bitcoin (BTC) as a strong investment despite BTC’s recent tumble from a November all-time high above $69,000 by more than 50%.
Two elements are making a case for Bitcoin
In a new report, the firm cited two important reasons for which investors should assess Bitcoin separately from all other cryptos.
“Bitcoin’s return profile is driven by two strong tailwinds: the growth of the digital asset ecosystem and the potential instability of traditional macroeconomic conditions.”
The firm also said:
“These return tailwinds are likely to be captured in an easier way with less risk than via the majority of other digital assets.”
It’s also important to note that Fidelity stresses the reason behind making a distinction between Bitcoin and the rest of the nascent asset class, it does think BTC’s competitors have some important roles to fill.
“Bitcoin is fundamentally different from any other digital asset. No other digital asset is likely to improve upon Bitcoin as a monetary good… [but] the rest of the digital asset ecosystem can fulfill different needs or solve other problems that Bitcoin simply does not.”
The report also notes that when it comes to stability and security, BTC has already passed the test.
The notes reveal that BTC holds an intentionally simplistic code and now has a $1 trillion bounty for anyone capable of exploiting it.
Fidelity also addressed the second reason for which BTC is shining – its ability to act as a hedge fund against inflation.
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red, and the king coin is priced at $36,965.
Stay tuned for more bullish crypto news.
Cryptocurrency
