Not many companies had the vision and far-sight to add Bitcoin and other digital currencies to their portfolio as far back as 2015. However, Fidelity Management & Research (FMR) is a unique exception as it has been spearheading the crypto transition for a long time. In a recent interview with the top brass at Fidelity made crucial remarks about the latest situation of digital assets and the US economy have come to light.
Tom Jossep, Head of Digital Assets at Fidelity, was speaking with the crypto tabloid MarketWatch. About the Bitcoin adoption policy of his organization, he told the medium that the Bitcoin transition among the biggest players in the investment market is at its peak. He believes that the voluminous rush of institutional investors towards the leading coin is going to guarantee a massive Bull Run.
Bitcoin Aiming for the Stars Again, Taking the Entire Market with it
During the last 24 hours, Bitcoin has started its bull rally again. The flagship cryptocurrency is trending at $57,885 with a 2.67% correction. The rest of the altcoin market follows in the footstep, as most of the digital assets have started to go in the same direction as the leading digital coin. Jossep further added in his interview that cryptocurrency trading has taken center stage in the financial market and started to cast a shadow over Forex trading and stock markets.
He also added that the main cause of the Bitcoin upsurge is focused on the COVID-19 pandemic. As the conventional commerce went downhill in the aftermath of the ongoing pandemic destruction, Bitcoin kept its head up. This phenomenon has also increased the interest of investors to take refuge with the flagship currency hedge.
Bloomberg Analytics Predict Bitcoin to Reach $400,000 in 2021
Jossep said in his recent interview that the stimulus environment is going to prove detrimental for the economy and monetary valuation. The digital gold had gone ballistic in the aftermath of the pandemic incident after 12 years of its conception. The Bitcoin market is going to keep growing as long as there are institutional investors present in it. Both Fidelity and Grayscale have already filed for a Bitcoin-tied ETF with SEC.
A recent Bloomberg report projects that the flagship cryptocurrency has the potential to hit the $400,000 mark if its institutional portfolio keeps expanding steadily. The financial news reporter maintains that based on the positional parallels from 2013 and 2017, it is possible that Bitcoin price could mimic its 2011 upsurge.