Crypto expert: „Traditional finance continues to view Bitcoin with skepticism“
Bitcoin still hasn’t made it into the mainstream.
Mike Alfred, the managing director of the crypto market research company Digital Assets Data, found after the application for a Bitcoin index fund by the asset management company Fidelity Investments that Bitcoin ( BTC ) was still viewed with suspicion in traditional finance
„Many in traditional finance and especially in asset management are still very skeptical about Bitcoin and the entire crypto market,“ Alfred told Cointelegraph on September 10th. And further: „For example, a LinkedIn user said on my profile yesterday that Fidelity had done something stupid with this step.“
The influential asset management Fidelity is committed to through its subsidiary Fidelity Digital Assets strengthened for some time in the crypto industry. On August 26, 2020, it applied for a Bitcoin-based index fund to be issued to the American supervisory authority, although this is to be approved by an exemption from the SEC.
„From a different point of view, I think that this skeptical attitude will be an additional driving force for the adoption of Bitcoin and further price gains,“ as Alfred counters the criticism. To this end, he adds: „If these long-established residents give up their resistance at some point, they will be forced by their clients to get involved in Bitcoin, but at much higher prices,“ said the crypto market researcher. „I think Bitcoin still has a lot of room for improvement.“
A few months ago, Alfred was still convinced that traditional finance is increasingly taking a liking to Bitcoin
Ironically, he saw the planned Fidelity Bitcoin index fund as evidence of this thesis:
“I think we’re seeing growing interest in traditional finance and asset management confirmed by this [the eventual BTC index fund]. Serious interest in these areas would be extremely positive for Bitcoin, and Fidelity is paving the way for that. “
However, there is now also actual evidence of an increased interest in high finance, so the well-known investor Paul Tudor Jones has already campaigned for Bitcoin this year.