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Seeking Alpha
2021-03-01 17:32:27

Bitcoin works as 'digital gold' - Fidelity

The Director of Global Macro for Fidelity Global Asset Allocation, Jurrien Timmer, appears to be fully on board with Bitcoin (BTC-USD), saying the crypto has both a compelling supply and demand dynamic. And with a current asset value of just $900B vs. gold's $11T and total global financial assets of $160T, there's still plenty of upside.Timmer: "If bitcoin is a legitimate store of value, is scarcer than gold, and comes complete with potentially exponential demand dynamic, then is it now worth considering for inclusion in a portfolio?" The question, he says, may no longer be "whether," but instead "how much?"As for today's FUD, it comes courtesy of New York Attorney General Letitia James, who tweets: "There are extreme risks in investing in virtual or cryptocurrencies and it’s imperative that we act to protect investors' wallets ... I’m warning New Yorkers and investors across the country that investing in this unstable market

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