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During an interview at Marketwatch and Barron’s “Investing in Crypto” event, Tom Jessop, Head of Fidelity Digital Assets at Fidelity Investments, spoke about the recent Bitcoin adoption and said that the maturation and adoption of the asset will continue “at a rapid pace in the coming years,” noting that “we’ve reached a tipping point.” He thereby suggests that cryptocurrency seems to have turned a corner in the area of traditional finance.
The Fidelity executive said there are “host of reasons” why investors are increasingly getting involved in Bitcoin and cited factors such as the unprecedented low (negative) interest rates and the inflationary consequences of the current easy-money policies.
“I think you’ve had the accumulated experience of now roughly 12 years of the bitcoin blockchain being operative since the genesis block in early 2009. And the pandemic, quite frankly, was a catalyst for institutional adoption, and specifically bitcoin and the narrative, or use-case, around digital gold,” Jessop said.
He then added:
“Particularly, in an environment where we’ve seen unprecedented monetary and fiscal stimulus from central banks and governments in response to the pandemic…
I think we’ve reached a tipping point … We’re not going to get out of this stimulated environment anytime soon.”
In addition to the contributing factors described above, Jessop had already commented on Bitcoin’s maturation back in January and had said:
“There’s more liquidity. Volatility is down about 50% from where it was in 2017. So … we believe, that the composition of this investor base, what’s driving the market higher today, is fundamentally different than what we saw three years ago.”
Jessop and Fidelity are not the only ones that believe we have reached a “tipping point”. Current developments and actions in the crypto-industry and from the traditional financial space, where its major players move into the crypto space, point to a drastic shift and increased momentum.
Morgan Stanley, Goldman Sachs and others have recently announced to offer their clients exposure to cryptocurrencies.
The CEO of Goldman Sachs recently noted that a “big evolution” in Bitcoin regulation is coming. And the Soros Fund Management CIO had also said Bitcoin to be at an “inflection point” and no longer considers it a fringe asset.
To top it all off, the largest cryptocurrency echange in the world, Coinbase, is gearing up for its direct listing on the Nasdaq in just a weeks’ time. Valuation is expected to be at roughly $100 billion.