Fidelity’s Tom Jessop says cryptocurrencies have reached a “turning point”

The executives of the investment giant Fidelity is confident that the momentum of the cryptocurrency market will continue for the foreseeable future.

In statements too Market observation April 8th Tom Jessop, head of the investment firm’s cryptocurrency division, believes that cryptocurrencies have opened a new chapter in traditional financial circles and that things have reached a turning point for the industry.

Jessop explained that The maturation and introduction of cryptoassets as an asset class will continue rapidly in the coming years. There are a number of reasons according to the financial manager, and one of them is the existence of extremely low interest rates on traditional financing.

Fidelity’s Tom Jessop says cryptocurrencies have reached a “turning point”
Fidelity’s Tom Jessop says cryptocurrencies have reached a “turning point”

This, along with a stimulated monetary policy environment, has boosted cryptocurrency markets. The Fidelity Manager explained this This environment is unlikely to change in the short term::

â € œI think we have reached a turning point. I think we have the cumulative experience of roughly 12 years of running the Bitcoin blockchain since the Genesis block in early 2009. And the pandemic was frankly a catalyst for institutional adoption, especially Bitcoin and the narrative or use case. about digital gold.

Jessop added that The narrative has been compounded by unprecedented monetary stimulus from central banks and governments in response to the pandemic.

US stimulus packages have topped $ 6 trillion since the pandemic began. and much of that money was minted by the Federal Reserve.

Jessop isn’t the only finance manager who believes bitcoin and cryptocurrencies have reached a tipping point. In early March, Galaxy Digital CEO Mike Novogratz used the same phrase when commenting on the CI Galaxy Bitcoin ETF on Bloomberg:

“The introduction of Bitcoin has reached a tipping point and investors don’t want to be left behind.”

On March 24, Fidelity filed with the US Securities Commission for a listing of a new Bitcoin exchange-traded fund (ETF). The Wise Origin Bitcoin Trust aims to track the daily performance of the asset using the Fidelity Bitcoin Index PR, an index derived from various price sources.

Todd Rosenbluth, an analyst at CFRA Research, VanEck and Fidelity Investments, agreed The SEC is expected to approve an ETF in the next year or two.

Fidelity created the digital assets unit in 2019 and has since integrated digital assets into traditional investment portfolios.

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