Fidelity, a global investment giant, has had its executives express confidence that the crypto markets will continue in their forward momentum for the foreseeable future.
Jessop Bullish For Crypto
Tom Jessop gave this sentiment on the 8th of April, 2021, when he spoke to MarketWatch. Jessop stands as Fidelity’s Head of Crypto division and is convinced that crypto has allowed for a brand new chapter when it comes to traditional finance. Furthermore, he’s convinced that the entire crypto space is at a tipping point.
Jessop highlighted that the crypto space will see a rapid level of maturation and overall adoption as a mainstream asset class throughout the coming years, with a number of reasons being attributed to it. One of the big factors catalyzing crypto’s mainstream integration is the extremely low interest rates currently being experienced within traditional finance markets.
A Series Of Pro-Crypto Events
Now, add this to an environment that’s already stimulated by monetary policies, and the overall momentum for cryptomarkets can only increase. Fidelity’s executive made it clear that this environment isn’t likely to change any time soon. He described the COVID-19 pandemic as a catalyst for the crypto space at large, with Bitcoin managing to gain momentum particularly well. The narrative for Bitcoin to be digital gold has only strengthened across the globe.
This momentum is only further spurred forward thanks to the world’s central banks and governments opting to enact an unprecedented level of monetary stimulus to keep things going, with the US boasting a total of $6 trillion being given out by stimulus, most of which was freshly printed through the Federal Reserve.
Innovations Constantly Rolling In
Now, Jessops’ not the only one with this view. Mike Novogratz, the CEO of Galaxy Digital, gave a similar statement back in early March. Novogratz declared that the Bitcoin ETF being listed within the US was the tipping point, with crypto, and Bitcoin, in particular, gaining widespread adoption through it.
Indeed, Fidelity filed for its own Bitcoin ETF on the 24th of March, 2021. The Wise Origin Trust is aiming to track the performance of Bitcoin on a daily basis, making use of the Fidelity Bitcoin Index PR. This index is itself derived from a number of price feeds, as well.
Time will tell how Bitcoin and crypto, in general, will be integrated into mainstream finance. FOr now, however, the US is mainly having trouble with the SEC biting at every digital asset that isn’t officially classified as a commodity, harming innovation as a whole