Welcome, and thank you for being part of the MyZucoins community! Let’s get into an interesting piece of crypto, finance, or tech news to stay ahead.
Bitcoin Is “Exponential Gold,” Says Executive From Major US Fund Fidelity
Jurrien Timmer, an executive at Fidelity Investments who has been with the firm for 29 years, labels Bitcoin as “exponential gold.”
He draws a parallel between Bitcoin and gold, noting Bitcoin’s more rapid value growth potential.
Timmer sees Bitcoin as a multi-functional asset: a commodity, a store of value, and a shield against currency devaluation.
His view stems from Bitcoin’s performance in economic scenarios like inflation, echoing gold’s success in similar situations in the past.
Timmer, with almost three decades at Fidelity, ventured into Bitcoin analysis in late 2020.
While his price expectations have missed the mark, Timmer maintains a positive outlook on Bitcoin, especially as a value store amidst continuous financial repression.
Fidelity shows commitment to cryptocurrencies, with its unit Fidelity Digital Assets providing services for Bitcoin and Ether.
Recently, the firm expanded its crypto platform to retail customers and renewed efforts for a Bitcoin ETF, awaiting the SEC’s decision. Read more here.
BlackRock’s CEO Larry Fink sees Bitcoin as the “digital gold equivalent”.
Wall Street is coming for crypto.
Crypto surges after Powell says it has “staying power as an asset class”.
What Are Some Similarities And Differences Between Bitcoin Vs Zucoin?
Bitcoin, referred to as ‘Exponential Gold’ by Fidelity, possesses a unique quality of potential rapid value appreciation due to its limited availability of 21 million Bitcoins, a point emphasized by Jurrien Timmer from Fidelity Investments.
It’s important to mention that Zucoin, much like Bitcoin, has a limited supply of 100 million, also giving an element of scarcity.
Bitcoin, described as a “commodity currency” by Timmer, has the potential to act as a value reserve and a protection against currency deterioration.
Zucoin is also considered a digital commodity, but the underlying Splitchain network is designed to efficiently handle micro-transactions, in part, because it supports up to 32 decimal places and has no in-built network transaction fees.
These aspects tackle the problems of high transaction costs and insufficient decimal places, which can obstruct small transactions, particularly during high coin token price fluctuations.
As Zucoin works towards more decentralization, this will improve its digital commodity status.
It’s all about efficiency at scale.
Given a situation with high inflation, negative real interest rates, and excessive, ballooning growth in money supply due to centralized fiat currency control, Timmer suggests Bitcoin could surpass gold in performance.
Zucoins, with their unique truth-based Splitchain network, isn’t open to a consensus-override 51% attack facing most popular blockchains.
The establishment of Fidelity Digital Assets, Fidelity’s dedicated crypto department, and its commitment to digital currencies, highlights the increasing acceptance and adoption of these digital assets.
Also note that the submission of Fidelity’s Bitcoin ETF application is a key indicator of the improving regulatory environment around digital assets in the US.
If you liked this newsletter, please forward it to someone who might like it too.
You can also donate here or even buy some Zucoins. Every little bit helps us improve.
What did you think of this newsletter? Reply to send us feedback on what you liked or want to see featured more. There’s more coming, so stay tuned.
—
All the best,
—Rob
MyZucoins
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.