Fidelity Digital Assets (FDA) has described Bitcoin as superior money compared to other digital currencies.
Fidelity’s Describes Bitcoin as Superior Money
This was contained in a 26-page report published by the digital assets arm of Fidelity Investments. According to the investment firm, investors who are just getting into crypto need to view Bitcoin differently from other crypto assets.
The paper titled Bitcoin First largely espoused the differences between Bitcoin and other digital assets. Using these differences, it explains that Bitcoin is far above any cryptocurrency, and it’s unlikely for any other asset to overtake BTC in monetary value:
Bitcoin possesses a lot of good qualities of money, combining the scarcity and durability of gold with the ease of use, storage, and transportability of fiat.
However, it stated that it wouldn’t go as far as to claim there won’t be any other money, but it seeks BTC as the monetary good that’ll dominate the digital asset ecosystem.
Advises Traditional Investors to Invest in BTC
Going further, the investment firm called on traditional investors to invest in Bitcoin. It described it as the best entry point for any traditional investor seeking to add digital assets to their portfolio. Thus, investment focus should be on BTC as an asset class on its own.
The call by FDA isn’t surprising given the position of Fidelity in the crypto scene. The leading investment firm is one of the companies trying to get traditional investors into crypto.
Last year, Fidelity launched a spot Bitcoin exchange-traded fund (ETF) in Canada. This is one of few ETFs for spot Bitcoin globally, with US authorities only granting futures BTC ETF so far.
Bitcoin’s Dynamic Growth
The report on Bitcoin echoes the general view among Bitcoin adherents and the goal of Satoshi Nakamoto — the pseudonymous founder of the coin.
Satoshi’s goal for creating Bitcoin was for it to be e-money and possibly replace fiat. In previous times, investors and skeptics alike had largely spoken against the coin but with leading financial institutions like Fidelity considering it a superior form of money, it is a sign of the level of growth the decade-old asset has seen.
Already, mainstream adoption of BTC has grown significantly within the last two years especially as companies such as Microstrategy continue to buy the asset and with El Salvador adopting it as a legal tender despite the international community outcry.
This article was originally posted on FX Empire
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