Fidelity’s Global Macro Director Highlights the Advantage of Owning Bitcoin!

• Explaining the volatile nature of Bitcoin, Timmer stated that the risk-return ratio of the top cryptocurrency surpasses many assets like the S&P 500 and Gold.
• Meanwhile, Fidelity’s spot Bitcoin ETF, FBTC, has been listed on the Depository Trust & Clearing Corporation.
• While there is a chance of approval by the SEC between January 6-10, 2024, it is yet to be seen whether the agency will further delay it for technical reasons.

Fidelity’s Global Macro Director, Jurrien Timmer, talks about the advantage of having Bitcoin in investors’ portfolios.

Fidelity Executive Highlights the Importance of Bitcoin

During a period of rapid price increase for Bitcoin, Fidelity’s Global Macro Director, Jurrien Timmer, suggested that having a small BTC investment in portfolios could be a bet on the upside potential due to the expectation of the approval of the first spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).

Explaining the volatile nature of Bitcoin, Timmer stated that the risk-return ratio of the top cryptocurrency surpasses many assets like the S&P 500 and Gold. Therefore, he argued that having some BTC in portfolios could “go a long way” and added, “Bitcoin has become its own asset class in terms of risk-return this past decade.”

Meanwhile, Fidelity’s spot Bitcoin ETF, FBTC, has been listed on the Depository Trust & Clearing Corporation. This could be an expectation of approval in the near future. The Depository Trust & Clearing Corporation is a U.S.-based post-trading financial services company that provides clearing and settlement services to financial markets.

Fidelity’s Spot Bitcoin ETF Application

Among many financial giants like Blackrock, Fidelity is also awaiting approval from the SEC for its spot Bitcoin ETF. While there is a chance of approval by the SEC between January 6-10, 2024, it is yet to be seen whether the agency will further delay it for technical reasons. Analysts are expecting multiple applications to be approved collectively to avoid giving the first-mover advantage to a single company.

Previously, it was reported that the SEC initiated a public comment period on the proposed rule change regarding the approval of the spot Ethereum ETF application by Fidelity Investments.