$ 1,142.45 3.84%
$ 35.67 7.15%
$ 0.066819 7.49%
$ 4.83 5.74%
$ 20,298.00 2.47%
$ 228.07 2.56%

Fidelity wants Bitcoin treated specially

Crypto tax

TL; DR Breakdown

  • Fidelity wants special treatment for Bitcoin
  • The firm released its Bitcoin First 2022 report
  • More investment will adopt Bitcoin in the future

Since its inception, Bitcoin has led the crypto market as the market is flush with other assets every year. With this, most tokens mirror the trading activity of the leading digital asset in the market. With the asset currently in hot waters, the majority of the assets in the market are following its move. This has pushed Fidelity to call for a separation between the leading digital asset, and other tokens. The firm argued this case in its recently released report, which it titled Bitcoin First.

Fidelity released its Bitcoin First 2022 report

Fidelity, in its report, claimed that Bitcoin is different from all of the other digital assets in the market due to the way it was developed. Asides from that, the firm argued that its fundamental makeup is also different from that of the other tokens in the market. With this, Fidelity concluded that no token would be able to achieve what Bitcoin will achieve in the coming years.

It also notes that none of the tokens currently in the market can topple Bitcoin. The document mentioned that Bitcoin offers more than just tech as it provides a secure and affordable way to move money. It mentioned that Bitcoin has the combined quality of fiat currencies, gold, and a digital asset.

More investment will adopt Bitcoin in the future

With no organization in charge of the digital asset, Bitcoin holds all the quality needed to pass off as the best form of money. The scarcity of the digital asset also gives it an edge like a perfect financial tool for individuals and organizations. Fidelity also advises investments to enter the market from two perspectives.

The first perspective being Bitcoin will do the investors so much good while the second perspective is using the other group of digital assets in the market. This Fidelity argument goes to show how many people are now seeing the digital asset for what it was originally designed for by the developer Satoshi Nakamoto. This conviction also means that more people and investment would continue to see Bitcoin for its monetary value pushing adoption.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Related News

Hot Stories

Bitcoin, Ethereum, Polygon, and Stellar Daily Price Analyses – 28 June Roundup
Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records