The Bitcoin Skepticism Continues

Despite Fidelity Investments filing for a Bitcoin fund, skepticism within the traditional finance sphere remains palpable. Mike Alfred, CEO of Digital Assets Data, expressed concerns about how many within financial services still question Bitcoin’s viability.

Fidelity’s Bold Move

Fidelity Investments isn’t merely dipping its toes in crypto; they’re making waves. With their Bitcoin trading product, the Wise Origin Bitcoin Index Fund, filed under Regulation D with the SEC back in August 2020, they seem to be moments away from visiting Bitcoin’s mainstream party. Yet, with headlines like “Abby’s folly”—a jab at Fidelity CEO Abigail Johnson—the road is bumpy.

Contrarian Optimism

Alfred offers a silver lining from traditional finance’s skepticism. He believes that this reluctance could serve as fuel for Bitcoin’s rise.