Crypto Buying Could Be Close to a "Tipping Point," According To Fidelity's Tom Jessop
By Jamie G - Crypto Broker - 8-04-2021
The crypto trading sector has gained traction as a result of low interest rates and fiscal stimulus, according to a Fidelity executive.
Fidelity executives are optimistic that cryptocurrency market investment growth will continue for the near future. On April 8th Tom Jessop, the investment firm's crypto division chief, told MarketWatch that he thinks the world of investing in cryptocurrency 2021 has opened up a new era in conventional finance channels and that the industry has entered a turning point.
According to Jessop, the maturation and acceptance of crypto asset management as an investment class will continue to accelerate in the coming years. According to the finance manager, there are many explanations for this, one of which is the exceptionally low interest rates in conventional finance. This, combined with a monetary-policy-stimulated climate, has fuelled demand for crypto markets.
The narrative has been compounded, according to Jessop, by unparalleled monetary support from central banks and governments in response to the pandemic. After the virus outbreak, the United States has spent more than $6 trillion in stimulus funds, all of it newly minted by the Federal Reserve.
Fidelity filed the paperwork with the Securities and Exchange Commission on March 24 to list a new Bitcoin exchange traded fund (ETF). The Wise Origin Bitcoin (BTC) Trust intends to monitor the asset's regular output using the Fidelity Bitcoin Index PR, a price-feed-derived index.
Todd Rosenbluth, an analyst at CFRA Research, VanEck, and Fidelity Investments, believes the SEC will approve an ETF within the next year or two.
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