We felt that this excerpt from Fidelity Digital Asset group was extremely telling and important to point out.
In this paper we propose:
Bitcoin is best understood as a monetary good, and one of the primary investment theses for bitcoin is as the store of value asset in an increasingly digital world.
Bitcoin is fundamentally different from any other digital asset. No other digital asset is likely to improve upon bitcoin as a monetary good because bitcoin is the most (relative to other digital assets) secure, decentralized, sound digital money and any "improvement" will necessarily face tradeoffs.
There is not necessarily mutual exclusivity between the success of the Bitcoin network and all other digital asset networks. Rather, the rest of the digital asset ecosystem can fulfill different needs or solve other problems that bitcoin simply does not.
Other non-bitcoin projects should be evaluated from a different perspective than bitcoin.
Bitcoin should be considered an entry point for traditional allocators looking to gain exposure to digital assets.
Investors should hold two distinctly separate frameworks for considering investment in this digital asset ecosystem. The first framework examines the inclusion of bitcoin as an emerging monetary good, and the second considers the addition of other digital assets that exhibit venture capital-like properties
Considering the parent company Fidelity Asset management are responsible for the custodianship and management of $4,200,000,000,000 we take this report very seriously.
It is impressive to see the monolithic behemoth old guard fiat protection companies really start to take a deep interest and also see the true value and proposition of Bitcoin.
This simple image they created below highlights that they (Fidelity) class Bitcoin to be superior money in all ways, with its only negative being track record. The only reason its track record is not another + is because it hasn’t had enough time on earth to prove itself. That will come!
The full report can be found here
Till next time
The Wealth Gap Team