Money manager Fidelity Investments says that Bitcoin (BTC) offers investors an attractive store of value and is “fundamentally different” than other cryptocurrencies.
Analysts at Fidelity say investors incorrectly assume that Bitcoin will easily be supplanted by a superior cryptocurrency in the future.
However, Bitcoin’s technological breakthrough, and strength, is not as a superior payment technology but as a superior form of money, say the analysts.
“Bitcoin is fundamentally different from any other digital asset,” says Fidelity in a new report, adding that other cryptocurrencies are unlikely to improve on Bitcoin and replace it.
The analysts go on to say that Bitcoin also benefits from being the most “secure, decentralized, sound digital money” available in the marketplace.
The Fidelity report concludes that Bitcoin’s success is not mutually exclusive with the success of other cryptocurrencies, as the rest of the digital asset ecosystem can service different investor needs and solve different problems.
“Bitcoin should be considered first and separate from all other digital assets that have followed it,” states the report.
Bitcoin’s price has gained 61% this year and currently trades at $26,750 U.S. per token.
