Researchers at Fidelity Investments, one of the world’s largest asset managers, are doubling down on bitcoin, describing it as a “superior form of money” that gives it a value not replicated by other tokens.
Of course, bitcoin’s recent track record as a store of value is specious at best. The token has performed well this year, rising 63% to about $27,000, despite mostly being stuck in a range for the last several weeks. But it’s still well off the November 2021 peak of about $64,000, and bitcoin’s value over time has often moved in tandem with other risk assets, which have been hurt by the Federal Reserve’s rate-raising campaign.
Newsletter Sign-up For investors interested in digital assets, it’s best to think of those newer networks more like speculative venture-capital investments, the Fidelity researchers said, while bitcoin can be thought of as a monetary instrument.
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