“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“– Fidelity Investments
This was contained in a 26-pg 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 is unlikely for any other asset to overtake BTC in monetary value.
But, it stated that it would not go as far as to claim there will not be any other money, but it seeks BTC as the monetary good that will dominate the digital asset ecosystem.
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.
Already, mainstream adoption of BTC has grown significantly within the last 2 yrs especially as companies such as Microstrategy continue to buy the asset and with El Salvador and other nations adopting it as a legal tender despite the international community outcry.
Have a prosperous day, Keep the Faith!