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New Fidelity Digital Assets Report Advocates Bitcoin Over Gold for Portfolio DiversificationNew Fidelity Digital Assets Report Advocates Bitcoin Over Gold for Portfolio Diversification
The Fidelity Digital Assets report discusses the unique features that position Bitcoin as a separate asset class, comparing it to traditional investment options like gold.
Image by tiero, Adobe Stock
Fidelity Digital Assets brought new light to the subject of cryptocurrency investments in its September 2023 study, focusing particularly on Bitcoin.
Authored by Chris Kuiper, Director of Research, and Jack Neureuter, Research Analyst, the report meticulously dissects why Bitcoin should be considered as a standalone asset class, separate from other digital assets.
Bitcoin's Unique Role in Asset Diversification
"Bitcoin is better than gold," the report states, when it comes to fulfilling specific portfolio requirements.
In the Fidelity report, the unique aspects of Bitcoin are highlighted in comparison to traditional investment optionslike gold and stocks. One of the salient features is its limited supply, capped at 21 million coins.
This scarcity mimics the finite nature of precious metals, making Bitcoin a potential hedge against inflation. Unlike other digital assets that have indefinite supply mechanisms, Bitcoin's fixed limit sets it apart, offering an alternative for portfolio diversification.
The report also speaks of Bitcoin's resistance to "innovative destruction," a term often associated with emerging technologies that lose relevance due to newer, more efficient competitors. Bitcoin has managed to remain a dominant force in the industry, despite the introduction of various other digital currencies and blockchain projects.
Its decentralizednature, not governed by any single entity, gives it resilience against systemic risks that could otherwise plague centralized financial systems.
Fidelity’s Perspective on Bitcoin as a Store of Value
Fidelity's report delves deeper into Bitcoin's role as a store of value as well, asserting that its mathematical underpinning and cryptographic security features give it a distinct advantage.
While gold has been the traditional go-to asset for storing value, Bitcoin offers certain technological advantages that cannot be ignored. For instance, it can be easily transferred across borders without the need for intermediaries, and its ownership can be proven unequivocally thanks to blockchain technology.
"It appears at this point that Bitcoin has found a role in the digital asset ecosystem as a scarce, store of value asset at the very least," the report states.
Fidelity also highlights the importance of Bitcoin's underlying technology, such as the use of the SHA-256 cryptographic algorithm, which provides a robust layer of security.
Additionally, Bitcoin transactions are irreversible, ensuring that once a transfer has taken place, it cannot be undone. This feature provides a level of transactional integrity unparalleled by traditional financial systems.
Regulatory Landscape: A Double-Edged Sword
Regulatory considerations are an important aspect of any financial market, and the crypto industry is no exception. The Fidelity report emphasizes that while regulatory scrutiny can be a hurdle, it can also serve as a catalyst for attracting mainstream investors. In countries where regulations have been clarified, the inflow of institutional money into Bitcoinand other cryptocurrencies has been substantial.
"Regulatory measures can drive away the bad actors," the Fidelity report notes, "while providing a framework that attracts mainstream investors."
The report suggests that a well-defined regulatory framework could drive away bad actors, enhancing the market's reputation. Regulatory measures, such as Anti-Money Laundering(AML) and Know Your Customer(KYC) procedures, can help in making the crypto space more secure and trustworthy, potentially attracting more risk-averse investors.
Long-Term Viability: Risks and Rewards
While the Fidelity report is generally optimistic about Bitcoin's prospects, it doesn't shy away from discussing potential risks. Volatility is still one of the biggest concerns, with Bitcoin's price subject to rapid fluctuations.
Additionally, the report discusses the potential for technological obsolescence. Bitcoin operates on relatively older blockchain technology, and there's always the risk that a more efficient or secure technology could displace it.
However, the report also touches upon Bitcoin's first-mover advantageand the strong community of developers and miners that back it. This combination of early market entry and robust support gives it a unique standing in the market, contributing to its long-term viability.
The report suggests that as long as this community continues to innovate and improve the Bitcoin network, its position as a valuable digital asset is likely to be sustained.
The Fidelity Digital Assets report makes a strong case for considering Bitcoin as a separate asset class. This differentiation from other digital assets is critical, as each asset class carries its unique risks and rewards. While the report is an important contribution to the ongoing discourse, it also opens up avenues for future research.彭博分析师：预计SEC将于明日对Fidelity等3个比特币ETF做出延迟决定PANews 9月28日消息，彭博ETF分析师James Seyffart在推特发文称，受美国政府或将停摆影响，预计美国SEC将于明日对Fidelity、VanEck和WidsomTree等3个比特币ETF做出延迟决定。国会两院目前尚未就为政府运营提供资金的各种融资法案达成一致。据此前消息，SEC已对贝莱德、Invesco、Bitwise和Valkyrie的比特币ETF做出推迟决定。彭博分析师称比特币ETF资产规模最终可达黄金ETF三倍Techub News 消息，彭博高级 ETF 分析师 Eric Balchunas 表示，比特币 ETF 最终持有的资金规模可能达到黄金 ETF 的三倍。截至 8 月底，全球黄金 ETF 资产约为 6150 亿美元，三倍即约 1.85 万亿美元，约为当前比特币 ETF 资产规模的 19 倍。
Balchunas 指出三大原因：比特币投资者更年轻（2026 年 Pew 调查显示 18-29 岁美国人中 26% 使用过加密货币）、机构资金仍有增长空间（一季度美国比特币 ETF 资产中机构占约 21%），以及比特币 ETF 拥有强大的分销渠道（自推出以来净流入约 546 亿美元）。
若比特币 ETF 资产达到 1.85 万亿美元，且其持有的比特币数量翻倍至 252 万枚，则比特币价格需升至约 73.2 万美元；若持有量增至 378 万枚，则隐含价格约为 48.8 万美元。这仅为示意范围，并非价格目标。（BeInCrypto）NVIDIA GeForce NOW 本周新增《Aniimo》等 11 款游戏Techub News 消息，NVIDIA 云游戏服务 GeForce NOW 本周新增 11 款游戏，包括免费开放世界生物捕捉 RPG《Aniimo》、获得路径追踪更新的《007 First Light》、Gaijin Network 的《Active Matter》以及 Annapurna Interactive 的《Outer Wilds》。《Aniimo》玩家无需下载 45GB 文件即可在 Steam Deck、Firefox 浏览器等设备上直接串流游玩。
此外，《007 First Light》的路径追踪更新带来了更精细的光照、阴影和反射效果，NVIDIA DLSS 4.5 技术确保了画面保真度。该游戏的豪华版在 Steam 和 Epic Games Store 正进行限时促销。Ultimate 会员可享受 GeForce RTX 5080 级别的云端串流性能。（NVIDIA Blog）富达比特币现货 ETF FBTC 单日净流出 5270 万美元Techub News 消息，根据 Farside UK 数据，富达旗下比特币现货 ETF FBTC 于 9 月 16 日录得单日资金净流出 5270 万美元。
这是 FBTC 连续第二个交易日出现资金净流出。（@FarsideUK）MARA 斥资约 1 亿美元重新购入比特币Techub News 消息，上市矿企 MARA Holdings 通过 FalconX 场外交易柜台购入 1,292 枚比特币，交易总额 9,864 万美元，平均买入价 76,347 美元。这是该公司过去六个月持续抛售资产以资助 AI 业务扩张后的策略逆转。
该公司今年上半年曾净卖出逾 20,880 枚比特币（约 15 亿美元）用于偿债及建设高性能计算数据中心，目前运营钱包余额降至 9,658 枚比特币，另有逾 25,000 枚比特币托管于 Fidelity。此次回购表明 MARA 正实施混合商业模式，在继续 AI 扩张的同时保留比特币作为核心金融资产。（U.Today）美国比特币 ETF 单日净流出 4.5 亿美元Techub News 消息，美国现货比特币 ETF 周二录得 4.504 亿美元净流出，为 6 月 24 日以来最大单日流出规模。Fidelity 旗下 FBTC 流出 2.148 亿美元居首，BlackRock iShares 比特币 Trust 流出 1.617 亿美元紧随其后。
此次大规模流出恰逢比特币价格下跌 2.5% 至 75,700 美元，以及加密法案 CLARITY Act 在参议院受阻。Grayscale、ARK 21Shares 和 Bitwise 旗下比特币 ETF 也分别出现数千万美元资金外流。（Cointelegraph）富达以太坊现货 ETF FETH 单日净流出 720 万美元Techub News 消息，富达旗下以太坊现货 ETF FETH 单日资金净流出 720 万美元。该数据反映了市场对以太坊 ETF 的短期资金动向。（@FarsideUK）富达比特币现货 ETF FBTC 单日净流出 2.148 亿美元Techub News 消息，根据 Farside UK 数据，富达旗下比特币现货 ETF FBTC 于 9 月 15 日录得单日净流出 2.148 亿美元。
（@FarsideUK）富达 Solana ETF 单日净流入 90 万美元Techub News 消息，富达（Fidelity）旗下 Solana 现货 ETF（FSOL）于 9 月 10 日录得 90 万美元的单日净流入。
（@FarsideUK）富达以太坊现货 ETF 单日净流出 2520 万美元Techub News 消息，根据资金流向数据，富达（Fidelity）旗下的以太坊现货 ETF "FETH" 在 9 月 10 日录得 2520 万美元的单日净流出。
（@FarsideUK）富达扩展 FIDD 稳定币至链上金融，面向机构提供美元赎回与月度储备审查Techub News 消息，富达投资（Fidelity）正将其规模达 5000 万美元的 FIDD 稳定币扩展至链上金融领域，面向机构用户提供美元赎回、以太坊链上转账以及月度储备审查等服务。该稳定币旨在为机构客户提供合规、透明的数字美元解决方案，进一步连接传统金融与区块链生态。（Crypto.news）Financial services titan Fidelity is naming leading smart contract platform Ethereum (ETH) and one of its rivals as examples of success. In a recent report, the investing giant saysthat Ethereum and Solana (SOL) are good examples of blockchains with successful network effects and developer bases. According to Fidelity, for a crypto project to ultimately be successful, it must be able to attract talented developers as well as maintain its core user base – two things the firm says Ethereum and Solana excel at. “Projects that have shown the ability to be successful and create something promising have done so by attracting the proper talent and retaining their user base. Ethereum and Solana provide a great example of what is possible for a protocol that can attract a large amount of developers, build a usable platform, and gain a loyal network of users. When done right, there is clearly a lot of value that can be created for investors.” Fidelity goes on to say that those who invest in non-Bitcoin (BTC) digital assets tend to take small positions in many different altcoins rather than just one, giving them options in an increasingly complex and growing crypto landscape. “Given the increased amount of competition and potential paths of failure for many of these projects, allocating to non-Bitcoin tokens is often done with a venture capital-like mindset. Instead of picking one particular project, investment allocators typically take small positions across many individual names. This typically results in seeking out an actively managed solution to deal with the increase in overall complexity. Again, this shows a stark contrast to a simple Bitcoin-only approach to digital assets.” Ethereum is trading for $1,565 at time of writing, a fractional decrease on the day while Solana is moving for $22.07. Don't Miss a Beat – Subscribeto get email alerts delivered directly to your inbox Check Price Action Follow us on Twitter, Facebookand Telegram Surf The Daily Hodl Mix Check Latest News Headlines Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Tatiana Gavrish
