Why This Financial Giant Thinks Bitcoin Is Unlike Any Other Crypto
Last January, Fidelity released a report on why "investors need to consider Bitcoin (CRYPTO: BTC) separately from other digital assets." In the report, Fidelity outlined various qualities that Bitcoin possesses that not only make it more desirable as a store of value but also inherently more decentralized and secure than other cryptocurrencies. And after the year that was 2022, never has that seemed more needed.
The past year was one of turmoil and scandal, highlighted by events such as the implosion of the Terra stablecoin and the more recent bankruptcy of crypto exchange FTX. If 2022 had to be boiled down to one headline, it would probably read something like "Centralized Players Exploit Decentralized Assets" or something close to that.
Due to the rapid rise of cryptocurrencies and increased interest from investors, individuals and companies realized there was money to be made. They created their own cryptocurrency tokens, extended credit to businesses that didn't deserve to be supported and at times even pocketed investor dollars.
Source Fool.com
