Bitcoin Has Evolved Into A Savings Technology And A Tool for Freedom: Fidelity Digital Assets

As the past decade ends, the latest mainstream big shot entrant in the crypto industry Fidelity Investments reflected on the maturation of the infrastructure of the Bitcoin market. The report states,

“In a few short years, Bitcoin’s story has critically evolved to recognize the true potential of the network — as a new type of value transfer system, a tool for freedom, a savings technology and possibly more that we have yet to discover.”

Despite there being unanswered questions, Fidelity Digital Assets says Bitcoin has “cemented” its position and its “potential cannot be ignored.”

 

Making Progress

Taking a deep dive into its progress, it can be found that trading and investment on regulated platforms are growing while value transferred over Bitcoin is “competitive with incumbent value transfer systems.”

The launch of regulated physically settled futures contracts has been the major development in 2019, noted the asset manager. This launch made the market less subject to manipulation by removing the need for an index of spot exchange prices to determine the price.

2019 also saw Square rolling its support for BTC buying and selling, with $339 million worth of BTC purchased by its customers via Cash App.

Square efforts are driven by CEO Jack Dorsey who believes bitcoin can become the currency that will power the Internet. Dorsey has also invested in Lightning Labs and CoinList while launching Square Crypto.

Bitcoin’s Core Properties Will Drive Its Adoption

When it comes to key performance indicators, Bitcoin’s realized value, the average fair value of mined BTC adjusted with short-term volatility, reached its all-time high. 2019 also saw the network’s hash rate climbing to ATH of 110 million TH/s driven by rising prices, improvements in the efficiency and computational power of mining gear, and more mining operations joining the network.

The adjusted transaction volume on the Bitcoin network in 2019 although less than the previous year recorded the same as PayPal. However, the average transaction size is comparable to the ACH transaction size.

The leader of the market has been seeing an increasing and “diverse and entrenched” community of users, especially in the past two years. All the while, maintaining its core properties of being borderless, decentralized value storage, antifragile, and censorship and seizure resistant. And these properties will be what will drive the adoption, says the report.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,661.4582 change ~ 0.33%

Coin Market Cap

$215.21 Billion

24 Hour Volume

$4.66 Billion

24 Hour VWAP

$11.71 K

24 Hour Change

$38.9685

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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