Bitcoin or BTC’s 13-year track record, according to Chris Kuiper, head of research at Fidelity Digital Assets.
Fidelity Investments has released a report titled “Bitcoin First.” It addresses concerns that Fidelity clients have about cryptocurrencies. There is now a more advanced crypto asset in place of BTC. Also, it has a potentially lesser upside potential compared to other coins.
As Kuiper points out, Bitcoin’s revolutionary breakthrough is comparable to the creation of the wheel. This is because it is a censorship-resistant, decentralized monetary network.
Other Cryptos Borrow from BTC
In light of the dangers, venture capitalists should think about integrating additional crypto assets in their investment portfolios.
Regardless of future developments in the cryptocurrency ecosystem, Kuiper believes bitcoin will remain a vital component. He assumes BTC will stay a “money anchor” for other crypto assets in a multi-chain world. In a scenario where numerous blockchains coexist, he believes BTC will remain a primary “money anchor” for other crypto assets.
In the researchers’ words, what gives these other tokens or initiatives value is known. It is the fact that they may be tied back to Bitcoin. They have seen this in some way. Overall, Bitcoin’s 13-year history has decreased negative risks. This is while keeping significant upside potential as a store of value. Thereby replacing gold as a store of value.
Bitcoin’s Superiority
Financial services firm Fidelity Digital Assets stated earlier this year that Bitcoin is the only superior payment mechanism, according to CryptoGlobe. Rather than offering a superior alternative.
Over the last few weeks, BTC received mixed sentiment. Most JPMorgan clients expect Bitcoin to trade above $60,000 by the end of the year. The following are the percentages of the clients’ thoughts:
41% expecting it to do so, 9% expecting it to go above $80,000. Finally, 5% expecting it to trade at $100,000.
