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Fidelity’s Tom Jessop says crypto has hit a ‘tipping point’

  • Posted On - 2021-04-09 06:17:25

Executives at investment giant Fidelity are confident that crypto market momentum will continue for the foreseeable future.

Talking to MarketWatch on 8 April, investment firm's crypto division head Tom Jessop said that he believes crypto has started a new chapter in traditional finance circles and things have reached a tipping point for the industry.

Jessop said that the maturation and adoption of crypto assets as an investment class will continue at a rapid pace in the coming years. There are many reasons according to Jessop, one of which is extremely low-interest rates in traditional finance.

This, coupled with an environment stimulated by Financial policies, has driven momentum for cryptocurrency markets. Tom told that this environment is improbably to change any time soon:

“I think we’ve reached a tipping point. I think you’ve had the accumulated experience of now roughly 12 years of the Bitcoin blockchain being operative since the genesis block in early 2009. And the pandemic, quite frankly, was a catalyst for institutional adoption, and specifically Bitcoin and the narrative, or use-case, around digital gold,”

Executives at investment giant Fidelity also said that the narrative has been exacerbated by the unparalleled monetary stimulus from governments and central banks in response to the pandemic.

Since the pandemic began, U.S. stimulus packages have topped $6 trillion with much of that money being freshly minted by the Federal Reserve.

Tom is not the only finance executive to believe that Bitcoin and crypto assets have reached a tipping point. In early March, Galaxy Digital CEO Mike Novogratz used the same phrase while commenting on the CI Galaxy Bitcoin ETF on Bloomberg:

"Bitcoin adoption has hit a tipping point and investors don’t want to sit on the sidelines,”

On 24 March, Fidelity filed paperwork with the U.S. Securities and Exchange Commission to list a replacement Bitcoin exchange-listed fund (ETF). The Wise Origin Bitcoin Trust aims to trace the asset’s daily performance victimization the Fidelity Bitcoin Index PR, associate degree index derived from many worth feeds.

Analyst at CFRA analysis, VanEck, and Fidelity Investments, Todd Rosenbluth, opined that the SEC is probably going to approve associate degree ETF within the coming back year or 2.

Fidelity created the digital assets unit in 2019 and has been group action digital assets into ancient investment portfolios ever since.

Source: http://https://cointelegraph.com/news/fidelity-s-tom-jessop-says-crypto-has-hit-a-tipping-point