Tom Jessop, president of Fidelity Digital Assets in Fidelity Investments, talked about bitcoin adoption Wednesday during an interview at Marketwatch and Barron’s’Purchasing Crypto’ Occasion.
The Fidelity executive says that the maturation and adoption of bitcoin as an investment class’will continue at a rapid rate in the next several years,’ Marketwatch comprehensive, adding that this suggests that cryptocurrency may have turned a corner in traditional fund circles.
He had been quoted as saying:
I believe we continue to view adoption in an accelerated pace for a host of factors.
The mind of digital assets in Fidelity has talked about the bitcoin market becoming more mature. ‘There’s more liquidity.
Volatility is down about 50% from where it was in 2017. So… we believe, that the makeup of the investor base, what is driving the market higher today, is fundamentally different than what we saw three decades back,’ that he said in January.
Jessop further clarified Wednesday why shareholders are drawn to bitcoin, citing factors such as the ultralow rates of interest and an environment stimulated by easy-money policies.
‘I think you have had the gathered experience of today roughly 12 years of the bitcoin blockchain being operative because the genesis block from early 2009. Along with the pandemic, quite honestly, has been a catalyst for institutional adoption, and especially bitcoin and the narrative, or use-case, about electronic gold,’ Jessop clarified.
The Fidelity executive hailed,’Especially, in an environment in which we have seen unprecedented monetary and fiscal stimulus from central banks and authorities in response to this pandemic,’ including:
I think we have reached a tipping point… We’re not likely to get out of this aroused environment anytime soon.
Jessop is not the only finance executive who believes that bitcoin has reached a tipping point. Bitcoin bull Mike Novogratz, CEO of Galaxy Digital, said last month that’Bitcoin adoption has hit a tipping point and shareholders don’t need to sit on the sidelines.
Meanwhile, investment bank Goldman Sachs also sees that the bitcoin marketplace becoming more older .