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Good morning, everyone bang-bang Fidelity which has trillions of dollars under management published a report yesterday that is taking the Internet by storm. The paper is titled Bitcoin first why investors need to consider Bitcoin separately from other digital assets and it highlights a framework that investors can use to evaluate Bitcoin and other digital assets as they begin to invest in the crypto economy. The summary clearly outlines, the main differences between Bitcoin and other assets along, with which perspective, each asset should be viewed through those include.
Bitcoin is best understood as a monetary good and one of the primary investment thesis for Bitcoins as a store of value Asset in an increasingly Digital World. Bitcoin is fundamentally different from any other digital asset. No other digital asset is likely to improve upon Bitcoin as a monetary good because Bitcoin is the most relative to other digital assets. Secure decentralized sound, digital money and any Improvement will necessarily face trade-offs. There is not necessarily Mutual exclusivity between the success of the Bitcoin Network and all other
Digital asset networks. Rather, the rest of the digital asset ecosystem can fulfill different needs or solve other problems. That Bitcoin. Some plea does not other non Bitcoin project should be evaluated from a different perspective than Bitcoin. Bitcoin should be considered an entry point. For traditional allocators looking to gain exposure to digital assets, an investor should hold two distinctly separate Frameworks for considering investment in the digital asset ecosystem. The first framework examines the inclusion of Bitcoin as an emerging monetary good and the
Considers, the addition of other digital assets that exhibit Venture Capital like properties. I have previously discussed a similar framework in a letter that I wrote titled monetary maximalism and Technology competition in the piece. I stated quote, the identification of two separate revolutions is important because it gives us a framework to discuss the importance of monetary maximalism while still acknowledging. Tremendous value accrual to non monetary assets and quote. There are two different bodies of work going on here if you attempt to evaluate.
Both of them through the same lens, you will miss the value and potential of each of them. Fidelity had a number of great points in their research paper. The first was a comparison between gold Bitcoin and Fiat currencies to call out why they believe Bitcoin is a superior monetary good. They compared those three assets along the durability divisibility, fungibility portability verifiability scare sness and track record. Bitcoin is Superior in every single one of those fronts except for the track record.
They then explicitly call out that any future creation of another digital monetary good. Would simply be a reinvention of the wheel. They stated quote, the invention of the wheel represented an entirely new technology that once invented could never be reinvented. Similarly, never before in human history, had the problem of digital scarcity and a true peer-to-peer electronic cash been solved until Bitcoin was invented solving, this problem was not merely an incremental Improvement, but a leap forward or an unlocking of the puzzle of how digital
He could exist and quote, lastly, Fidelity acknowledges that there are thousands of developers building various Technologies and protocols. They understand that the other ecosystems are pursuing non-monetary, good use cases. It appears they are less excited about these opportunities at the present moment. They stated quote, in a world of multiple winning chains. It still appears that Bitcoin is likely the best equipped to fulfill the role of the ecosystems non-sovereign monetary good with relatively less competition than other digital assets attempting to fulfill.
Phil alternative use cases the explicit emphasis on security and maximum decentralization reinforces, its rule set and enforces all users rights equally furthermore as a result of its scarcity and enforce Supply limit Bitcoin is the closest a digital protocol could be to enforcing absolute scarcity. In other words any project or other blockchain network that requires its users to believe. They are transacting with a token that has real monetary value. Likely needs to be directly or indirectly connected to bitcoin as the ultimate.
Terry good, for example, people use tokens at an arcade for ease of use and utility and attribute value to them because they know they represent a certain dollar amount or can be traded for other goods and prizes. However outside of the Native arcade environment, the tokens have little to no value. This world leaves. Non Bitcoin tokens battling to prove other viable use cases for their technology. They're aiming to find. The right trade-off for some particular level of base layer scaling and encountering, vast competition for development.
Functionality enhancements. This is not an indictment of those building on or investing in non Bitcoin chains, but merely an observation that Bitcoins clear advantages a store value Asset reduces its risk. Even in a world that contains an ecosystem of many vibrant, digital assets. Assuming this outcome. Bitcoin is still a clear beneficiary of flows into the overall digital asset space given that it is viewed as the ultimate monetary digital asset, making it arguably the greatest risk adjusted and easiest investment to understand.
And allocate towards across all of the digital asset. Landscape Fidelity has been researching and participating in the Bitcoin ecosystem for years. It is still surreal to see a multi-trillion dollar asset manager writing, these types of research papers, including the level of detail and Nuance, that is included. In this specific piece. I highly recommend you read the full report that I've linked to. If you haven't already. Hope you have a great day, and I'll talk to you guys tomorrow. Thanks so much for listening to today's episode. I really hope you guys enjoyed this one. Make sure you
Scribed on Apple Spotify or your favorite podcast player. And if you're looking to try to transition to get a new job in the Bitcoin or crypto industry, we've got you covered head over to Palm scripto course.com. We've developed a curriculum with the top teams across the industry. It's a three week, intensive training program with over 50 events. Packed into that three week time, period. Go to Palm scripto, course.com to learn more and I'll meet you guys for the next episode.
