Tom Jessop, Director of Fidelity Digital Assets at Fidelity Investments, says that the maturation and adoption of digital assets as an investment class will continue at a rapid pace in the coming years, indicating that cryptocurrencies may have taken a turn in the circles. traditional financials. “I think we continue to see adoption at an accelerating rate for a number of reasons,” he said Wednesday afternoon during an interview on MarketWatch and Barron’s “Investing in Crypto” virtual event series.
Take a look: The US is ‘behind the curve’ in crypto regulations, says SEC Commissioner Peirce Jessop, saying a backdrop of ultra-low interest rates and an environment that has been stimulated by Easy money policies have helped drive momentum for bitcoin BTCUSD, +0.42% and other assets, which are increasingly seen as alternatives to assets that are considered high-priced by some measure and bonds that offer meager returns. The S&P 500 SPX Index, + 0.15% posted its 18 close record high of 2021 on Wednesday and the Dow Jones Industrial Average DJIA, + 0.05% was not far from its all-time high as the 10-year Treasury TMUBMUSD10Y, 1.670% yielded around 1.66%. Read: China may be using bitcoin as a ‘financial weapon’ against the United States, says Peter Thiel. “We are not going to get out of this stimulated environment any time soon,” Jessop said. “I think we have reached a turning point.” “I think you have had the cumulative experience of about 12 years with the bitcoin blockchain being operational since the genesis block in early 2009. And the pandemic, frankly, was a catalyst for institutional adoption, and specifically bitcoin and the narrative, or use case, around digital gold, ”said Jessop. “In particular, in an environment where we have seen unprecedented fiscal and monetary stimulus from central banks and governments in response to the pandemic,” he said. Fidelity has been at the forefront of integrating digital assets into traditional investment portfolios. The asset manager was one of the first major institutions to explore bitcoin, beginning in 2015. The company created the digital asset unit, which Jessop runs, in 2019. Bitcoin was trading at $ 56,500 on Wednesday, up 95% from what what is the year. Do you want to understand the future of cryptocurrencies and NFTs? Register for MarketWatch’s free live event: https://events.marketwatch.com/crypto/home