After the news about the presentation of a fund of Bitcoin (BTC) by Fidelity Investments, Mike Alfred, CEO of the analysis group Digital Assets Data, described the persistent indecision in mainstream finance when it comes to Bitcoin.
“Many in the traditional financial services / asset management / asset management sectors are deeply skeptical of Bitcoin and the ecosystem.” Alfred told Cointelegraph on September 10th. “A commenter on my LinkedIn yesterday even mentioned the madness of Fidelity Move Abby.” He said that was a stick to turn to the CEO of Fidelity. Abigail Johnson, regarding her activities and her position as an early adopter of Bitcoin.
A traditional financial services company, Fidelity, with its affiliate, Fidelity Digital Assets has made a name for itself in the field of cryptocurrency management in the crypto space. On August 26, 2020 Fidelity filed a Bitcoin trading product, the Wise Origin Bitcoin Index Fund, under a Regulation D exemption with the United States Securities and Exchange Commission (SEC).
“On the contrary, I think that this skepticism and this disbelief will serve as fuel for Bitcoin adoption and price increases in the future.” Said Alfred. “If these traditional friends capitulate, their customers and partners will force them to get involved at significantly higher prices.” added. “I think BTC has a very long way to go.”
A few months ago, Alfred mentioned evidence of a growing mainstream financial sector interest in Bitcoin. Fidelity’s bitcoin fund, as well as the company’s work in the crypto space support this point, explained.
“I think it speaks in line with my previous comments about the growing interest and awareness in traditional areas of wealth management and asset management in the United States. A serious takeover on these channels would be extremely optimistic for BTC. Loyalty shows the way.”
Other signs of growing mainstream sectors interest in Bitcoin in 2020 have also emerged. like involving big players like hedge funder, Paul Tudor Jones.