Fidelity Digital Assets hold Bitcoin as a Superior Monetary Good

Fidelity Digital Assets hold Bitcoin as a Superior Monetary Good

Fidelity’s newly released publication calls for BTC to be considered as a separate asset from other cryptocurrencies.

As Bitcoin looks to be having a slight resurgence after the recent market crash, and other cryptocurrencies following in the same direction, some experts believe Bitcoin should not be on the same level as other digital currencies.

According to the publication by Fidelity Digital Assets, which is a subsidiary company of the Fidelity Investments financial corporation, BTC should be the "superior" cryptocurrency and payment method, because no other digital assets possess as much decentralization and security measures.

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Likewise, the paper suggests that Bitcoin is the only cryptocurrency that reflects fiat currency and "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."

In a nutshell, Fidelity believes that Bitcoin is a combination of a commodity, such as gold due to its demand, and regular money for its wide uses and acceptance basically anywhere.

Fidelity sees Bitcoin as the primary digital asset, but does not want to assume that it will be a single digital asset that dominates the future crypto market. 

Instead, the report claims that there will be a point where a single digital asset will take over the market "due to very powerful effects of networks."

Currently, the price of Bitcoin sits at $38K due to the slight recovery after the market crash, with a 4.49% increase over the past 24 hours.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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