Multinational brokerage giant Fidelity recently published a paper entitled Bitcoin First, discussing the flagship asset Bitcoin (BTC). Based on what’s written there, it appears that the financial services provider wants Bitcoin not to be grouped with the other digital assets.
Fidelity argues that BTC is different from the countless other assets on the crypto market, and it’s improbable that another digital asset will surpass it as the top cryptocurrency. The paper described Bitcoin as a superior form of money instead of just a piece of technology. Fidelity considers it as the most “secure, decentralized form of asset and any “improvement” will necessarily face tradeoffs.”
A section of the paper reads as follows:
Fidelity believes that Bitcoin has all the characteristics needed to be considered a sound form of money, mainly because no organization runs the asset and doesn’t have cash flows or pay dividends. Bitcoin’s decentralized nature only makes it an even more ideal monetary tool.
Fidelity considers BTC a gateway for traditional investors to enter the digital asset market seamlessly. With that in mind, the global financial service provider proposed that investors practice two separate frameworks when investing in digital assets. One framework should focus on Bitcoin, while the second should focus on the other assets.
Bitcoin’s pseudonymous creator Satoshi Nakamoto fully intended BTC to be a sound form of money. Moreover, Bitcoin supports have advocated for this same argument for about a decade now. However, having a global financial service provider like Fidelity consider BTC to be more superior could lead to greater adoption in the future.
