Fidelity’s Tom Jessop on why Crypto has reached a “tipping point.”

Spread the love

The crypto market has gained traction as a result of low interest rates and fiscal stimulus, according to a Fidelity executive.

Fidelity executives remain optimistic that the blockchain market’s momentum will survive into the near future.

 

Speaking to MarketWatch on April 8, Tom Jessop who heads the investment firm’s crypto division said that he believes crypto has opened a new chapter in traditional finance circles and things have reached a tipping point for the industry.

According to Jessop, the maturation and acceptance of crypto assets as an investment class will begin to accelerate in the coming years. According to the finance chief, there are many explanations for this, one of them is the relatively low interest rates in conventional finance.

This, along with a monetary-policy-stimulated climate, has fueled demand for crypto markets. According to the Fidelity executive, this environment is unlikely to improve anytime soon:

“I think we’ve reached a tipping point. 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,”

The narrative has been compounded, according to Jessop, by massive monetary support from central banks and policymakers in reaction to the pandemic.

RECOMMENDED READ:  IOTA, Monero, XRP Price Movement Analysis for 8th February 2021

After the outbreak of the pandemic, the United States has spent more than $6 trillion in stimulus funds, all of which newly minted by the Federal Reserve.

Jessop is not the only finance executive to believe that Bitcoin and crypto has reached a tipping point. In early March, Galaxy Digital CEO Mike Novogratz used the same phrase while commenting on the CI Galaxy Bitcoin ETF on Bloomberg:

“Bitcoin adoption has hit a tipping point and investors don’t want to sit on the sidelines,”

Fidelity filed paperwork with the Securities and Exchange Commission on March 24 to list a new Bitcoin exchange traded fund (ETF). The Wise Origin Bitcoin Trust intends to monitor the asset’s regular success using the Fidelity Bitcoin Index PR, a price-feed-derived index.

Todd Rosenbluth, an analyst at CFRA Research, VanEck, and Fidelity Investments, believes the SEC will accept an ETF within the next year or two.

Fidelity founded the digital asset unit in 2019 and has been incorporating digital assets into conventional investment portfolios since then.

 116 Interactions,  4 today

READ ALSO:
SEC’s appeal for financial reports from Ripple executives Garglinghouse and Larsen denied by a judge.

Ripple's motion to retain the records of the new and former CEOs confidential was approved by Magistrate Judge Sarah Netburn. Read more

Web 3.0: The Future’s Decentralized Internet

Few technologies have come close to matching the ease and importance that the internet provides to billions of people around Read more

Non-Fungible Tokens (NFTs): What Are They?

Non-Fungible Tokens Are Transforming Rare Collection Ownership and Exchange Tokenization is ideal for resources such as fiat currency, gold, and Read more

Here was the moment Bitcoin surpassed $61k for the first time in history

The Bitcoin ($BTC) price burst through $61,000 for the first time in four weeks at 05:00 UTC on Saturday (April Read more

Cardano will launch smart contracts in August, with a focus on the DeFi Boom and corporate use cases.

The Cardano blockchain development team is revealing new information about the launching of its smart contracts. Following the announcement of Read more

RECOMMENDED READ:  Patterns and Shifts: The Year Future for Blockchain Technology, Cryptocurrency and Decentralized Finance
Cardano could reach $8 by Halloween, cryptocurrency analyst Ben Armstrong claims.

Earlier this week, crypto expert and influencer Ben Armstrong discussed Cardano ($ADA) in a video posted to his very influential Read more

What exactly is Monero? , Monero (XMR) analysis, experience, benefits, and drawbacks

Monero is a cryptocurrency, a digital product that uses encryption to encrypt transactions. It is the thirteenth largest cryptocurrency by Read more

How Ethereum could reach $10,000 in 2021 and outperform Bitcoin, seasoned trader

Ethereum's "tremendous upside potential," according to experienced trader Scott Melker, could overshadow Bitcoin this year. In an interview, seasoned investor Read more

Is there a ‘revolution’ in Bitcoin mining in the United States?

Bitcoin, the world's first blockchain, was created to address the flaws of the centralised financial structure. PayPal co-founder Peter Thiel, Read more

Why Bitcoin may be the future’s “base money”

Bitcoin's recent success has piqued the attention of numerous parts of the media as well as major institutions. According to Read more

Why are these traders now such an important aspect of Bitcoin’s market action?

The majority of Bitcoin's market movement this week has been dominated by crowd opinion. HODLers, as well as whales, retail Read more

Leave a Reply

Contact Us