Mike Alfred, CEO of Digital Assets Data analyst firm, believes that large financial companies still have doubts about the reliability of bitcoin.
“Many representatives of traditional financial companies that manage assets and capital continue to be deeply skeptical about Bitcoin and the cryptocurrency ecosystem. One of the commenters on my LinkedIn account even called Fidelity’s move “Abby’s stupidity,” Alfred said.
We are talking about the launch of the first Bitcoin index fund Wise Origin Bitcoin Index Fund by the investment company Fidelity Investments, which was announced at the end of August. Abigail Johnson is the CEO of Fidelity.
“On the other hand, I believe that this skepticism will eventually change. And this will help further the growth of Bitcoin and the adoption of cryptocurrencies. As these traditional companies start accepting Bitcoin, they will have to invest in it at ever higher prices. I think BTC has a very long period of growth ahead of it, ”said CEO of Digital Assets Data.
Earlier, Mike Alfred said that the financial world is beginning to show interest in Bitcoin. The launch of a Bitcoin fund by Fidelity Investments confirms this trend:
“I think this confirms my previous words about the growing interest in cryptocurrencies in the traditional finance and money management industry in the United States. The real adoption of Bitcoin in these circles will be extremely positive for Bitcoin. Fidelity is just the beginning, ”concluded Mike Alfred.
Back in May, the manager of a large hedge fund Tudor BVI, Paul Tudor Jones , said that Bitcoin would be an excellent hedging asset in the face of rising inflation risks.