The head of research at Fidelity Digital Assets, Chris Kuiper recently suggested that the flagship cryptocurrency Bitcoin ($BTC) still has tremendous ‘upside potential’ despite being a less hazardous investment due to its 13-year track record. Kuiper believes that Bitcoin (VTC) must be treated uniquely from other digital cryptocurrencies. He argued that Bitcoin’s USP as a ‘censorship-resistant decentralized monetary network’ sets it apart from other digital assets. Fidelity Digital Assets’ latest report, ‘Bitcoin First’ targeted the concerns clients raised about BTC. Including Bitcoin being replaced by other cryptocurrencies and the lower upside potential left would be then compared to other coins. According to Chris Kuiper, Bitcoin has a unique value in itself. He thinks of Bitcoin as a non-incremental sort of innovation similar to the invention of the wheel. In an interview he stated, “You can’t reinvent something that’s already been invented in terms of the most secure, most decentralized, and what we consider as the best monetary good in the digital asset space.” Additionally, the head researched mentioned that while some crypto assets consisted of high upside potential, they were also riskier investments. They would be seen as venture capital bets due to these risks associated with them. Kuiper claims that Bitcoin will remain an important element of the cryptocurrency ecosystem in the future, regardless of its outcomes of...
