Fidelity Says What We’ve Been Thinking: Countries & Central Banks Will Buy BTC
17 Gennaio 2022 - 10:18PM
NEWSBTC
Surprising the world, Fidelity predicts what Bitcoin’s game theory
implies. It’s as Satoshi Nakamoto said, “It might make sense just
to get some in case it catches on.” That’s the exact same
conclusion that Fidelity reaches in its “Research Round-Up: 2021
Trends And Their Potential Future Impact” report. Take into account
that Fidelity is a multinational financial services corporation, it
doesn’t get more mainstream than this. I agree with @Fidelity, of
course, but still astonishing to read this on Bitcoin adoption game
theory in such a mainstream financial report:
pic.twitter.com/7zRO9rEele — Alex Gladstein 🌋 ⚡ (@gladstein)
January 13, 2022 What did Fidelity say about Bitcoin adoption at
the nation-states and central bank level? They put it very
clearly: “We also think there is very high stakes game theory at
play here, whereby if bitcoin adoption increases, the countries
that secure some bitcoin today will be better off competitively
than their peers. Therefore, even if other countries do not believe
in the investment thesis or adoption of bitcoin, they will be
forced to acquire some as a form of insurance. In other words, a
small cost can be paid today as a hedge compared to a potentially
much larger cost years in the future.” In other words, It
might make sense just to get some in case it catches on. And, as
Stacy Herbert said, “First mover advantage goes to El Salvador”. At
least if we’re talking out in the open, because other countries
might be accumulating Bitcoin on the down-low. For example,
Venezuela seized a lot of ASICs from private miners. Chances are
those are active in a warehouse somewhere. And, of course, there
are rumors that the USA is already mining. Fidelity is one of the
biggest asset managers in the world They see what ID-10ts fail to
understand First mover advantage goes to 🇸🇻 Game over for fiat,
game on for #bitcoin 🌋🇸🇻 pic.twitter.com/I0Jlp8baVY — Stacy Herbert
🇸🇻 (@stacyherbert) January 13, 2022 In any case, what does Fidelity
conclude? “We therefore wouldn’t be surprised to see other
sovereign nation states acquire bitcoin in 2022 and perhaps even
see a central bank make an acquisition.” If those players do it in
the open, it will probably trigger a race like no other. A race in
which it will be too risky not to participate. Speaking About
Bitcoin Mining… Fidelity’s report summarized 2021, it goes through
most of the major stories that NewsBTC has covered ad nauseam. The
company doesn’t try to figure out why did China ban Bitcoin mining,
but it highlights how fast the hashrate recovered. “The
recovery in hash rate this year was truly astounding and one that
we think demonstrates several issues that will be important to keep
in mind for 2022 and beyond.” The Fidelity report also highlighted
how well the network responded. “This has now been tested and
bitcoin’s network performed perfectly.” BTC price chart for
01/17/2022 on Eightcap | Source: BTC/USD on TradingView.com What
Does Fidelity Say About The Ecosystem In General? The report wasn’t
exclusively about Bitcoin, they also identified the biggest trends
in the wide crypto sphere. “The biggest non-Bitcoin themes put on
display this past year included the massive issuance of
stablecoins, the maturation of decentralized finance, and the early
days of non-fungible tokens.” And about those trends, Fidelity
predicted: “The growth in interconnectivity between siloed
blockchains” “Traditional fintech companies partnering or building
capabilities to interact with DeFi protocols” “The dawn of
decentralized algorithmic stablecoins has officially begun.”
Responding to the “growth in demand for more regulated, centralized
stablecoins.” “While the long-term value of these NFTs is not
known, the impact of increased digital property rights for art,
music, and content is likely to be meaningful in some form.” In
general, Fidelity thinks that investment in digital assets will
keep growing: “Allocating to digital assets has become far more
normalized over the past two years for all investors. The Fidelity
Digital Assets 2021 Institutional Investor Survey found that 71% of
U.S. and European institutional investors surveyed intend to
allocate to digital assets in the future. This number has grown
across each individual region of the survey for the past three
years, and we expect 2022 to show another year of higher current
and future asset allocations to digital assets amongst
institutions.” However, something has to happen to catalyze
widespread institutional adoption. “The key to allowing traditional
allocators to continue to pour capital into the digital asset
ecosystem revolves around regulatory clarity and accessibility.” Is
2022 the year of regulatory clarity? What will happen first,
institutional adoption of cryptocurrencies or nation-states
adoption of Bitcoin? What central bank will earn first-mover
advantage? Burning questions for the year ahead. Featured Image by
Damir Spanic on Unsplash | Charts by TradingView
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