Home Stock Fidelity's Tom Jessop said: 'We have reached the tipping point' on bitcoin...

Fidelity’s Tom Jessop said: ‘We have reached the tipping point’ on bitcoin adoption

Tom Jessop, head of Fidelity Digital Assets at Fidelity Investments, says that the maturity and adoption of digital assets as an investment will continue at a rapid rate in the coming years, signaling that electricity may have turned a corner in traditional finance.

“I think we continue to see adoption at a rapid rate for a variety of reasons,” he said Wednesday afternoon in an interview at MarketWatch and Barron’s. Virtual series of events “Investing in electronic money”.

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Jessop says that the context of super-low interest rates and an environment fueled by easy-to-monetize policies has helped drive the momentum of bitcoin
+ 1.56%

and other assets, which are increasingly seen as alternatives to assets deemed high by some measure, and bonds are providing low yields.

S&P 500 index
+ 0.15%

hit its 18th record to close the 2021 highs on Wednesday and the Dow Jones industrial average
+ 0.05%

not far from an all-time high of 10-year Treasury

the yield is about 1.66%.

Read: Peter Thiel said China may be using bitcoin as a ‘financial weapon’ against the US

“We are not going to come out of this stimulated environment anytime soon,” Jessop said. “I think we’ve reached our tipping point.”

“I think you have accumulated experience for about 12 years the bitcoin blockchain has been in operation since its inception in early 2009. And the pandemic is, quite frankly, a catalyst for institutional adoption, Be it bitcoin and the story, or use case, around digital gold, ”Jessop said.

“In particular, in an environment where we’ve seen unprecedented fiscal and monetary stimulus measures from central banks and governments to deal with the pandemic,” he said.

Fidelity has always been a pioneer in integrating digital assets into traditional portfolios. The wealth manager is one of the first major institutions to explore bitcoin, starting in 2015.

The company created a digital asset unit led by Jessop in 2019.

Bitcoin was trading at $ 56,500 on Wednesday, up 95% so far this year.

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