If it was unsettling to hear Jamie Dimon, the CEO of JP Morgan claim, “Bitcoin is a fraud” in 2017, then the latest Fidelity report serves as a powerful shot of morphine to the entire Bitcoin community. Late this July, Fidelity released a 19-page report titled, “Bitcoin Investment Thesis: An Aspirational Store of Value.” Far better organized and articulated than many reports put out by educational and private institutions, this report thoroughly details Bitcoin’s unique investment thesis in what seems to be a largely bullish fashion.
It was no surprise that the major attention grabber from the thesis was the impending $68 trillion wealth transfer to millennials from Boomers that will impact Bitcoin. Younger generations are more open to novel and alternative assets. The point is simple: money will transfer from older generations to younger generations and then into Bitcoin as an asset class. The report concluded that “Bitcoin is many things to many people.” One thing is for certain – Bitcoin is rapidly approaching mainstream adoption, aided by the largest future wealth transfer in history.
READ THE OFFICIAL REPORT HERE.
