Fidelity Digital Assets has shared on its official Twitter profile an extremely favourable report on Bitcoin.
Fidelity Digital Assets is a company belonging to Fidelity Investments that is creating an enterprise-level platform for the storage, trading and support of digital assets.
Fidelity Investments is a US multinational financial services company, founded in 1946 and to date the fourth largest mutual fund and pension fund manager in the world, with $2,700 billion under management and over 1.3 million transactions executed every day.
In the US, Fidelity is considered a real primary institution in the traditional financial landscape and as of last year, it has also decided to focus on cryptocurrencies and digital assets.
On Friday, on its Twitter profile, Fidelity Digital Assets posted a tweet sharing an article by Parker Lewis published a few days ago on Unchained Capital’s blog titled “Bitcoin Obsoletes All Other Money”.
This title is already quite significant, especially considering that it belongs to an article shared on the official Twitter profile of Fidelity Digital Assets, and even the official comment leaves no room for interpretation:
“What we’re reading: @parkeralewis discusses the role of money in civilization, how the world might converge to a single currency, and why bitcoin will be the currency to obsolete all others”.
This obviously doesn’t mean that Fidelity is 100% embracing the hypothesis suggested by Parker Lewis, but the fact that Fidelity Digital Assets has decided to share it on its official Twitter profile means that it is openly recommending its followers to read it.
The article is very long and complex, and among other things, Lewis says that bitcoin is undergoing a market test, because people’s need for money is real and they will eventually converge on the form of money that best fulfils the function of exchange.
The fact is that no other currency in the world will ever be more scarce than bitcoin and scarcity will act as a gravitational force that will drive mass adoption: if this happens the test will be passed and bitcoin will make all other currencies obsolete.
Lewis also argues that to date most of the billionaires still do not know what bitcoin is, but eventually even they will end up relying on it.
Despite the fact that, for now, bitcoin is volatile, seemingly slow, difficult to scale, not commonly used for payments and very energetic, these problems could be solved over time, starting with the stability of the value, which could simply emerge with mass adoption.
Therefore, according to the author of the article, all the limitations currently perceived will eventually be overcome because of the value derived from scarcity, combined with the ability to measure, divide and transfer value.
In fact, Lewis says that if a currency A has a fixed offer, and currency B does not, then currency A will continue to increase in value compared to currency B, with increasing purchasing power, while currency B will follow the opposite path.
For this reason, according to Fidelity, individuals will increasingly opt for A over B, simply out of common sense and survival instinct.