Fidelity Classifies Bitcoin As “Insurance Policy” and “Aspirational” Store Of ValueAuthor: Ali RazaLast Updated: 30 July 2020 Fidelity Digital Assets stands as a subsidiary company of Fidelity Investments, a multi-trillion dollar investment firm. According to this company, however, Bitcoin can be viewed as an “insurance policy” against a troubled financial system, as well as an “aspirational store of value.” This comes by way of a new report the company issued out.Deeming Bitcoin As Store Of ValueFidelity, which holds more than $8 trillion in assets, launched its digital assets arm back in October of 2018The report highlighting this new classification for Bitcoin is aptly titled “Bitcoin Investment Thesis: An Aspirational Store of Value.” The report took note that Bitcoin manages to meet the basic test for being considered a store of value, but has yet to achieve this status quite yet, to the world at large.Volatility Claimed To GoOne of the key components that drive Bitcoin’s potential to serve as a store of value, is how it relies on a digitally scarce native asset, as well as a decentralized settlement network. One of the key arguments against Bitcoin’s store of value classification is the fact that Bitcoin suffers from a lot of volatility. However, the report argued that this is a boon, encouraging development, innovation, and attention to be put on the asset at large. At least, that’s what the report says. John Pfeffer, of Pfeffer Capital LP, has been quoted in the report, as well. He explained that the majority of the world has yet to see Bitcoin as a form of digital gold. The moment people start to see it as such, Pfeffer explained, will be when the price of Bitcoin will begin to adjust accordingly.Many Things Going For BitcoinThe report touched on a few key concerns of the world as it is now. Particularly, the fact that the world’s governments are printing out money as a response to the COVID-19 pandemic and its subsequent financial crisis. The report suggested that some are starting to lose faith within traditional economies.The report cites the as-of-yet unknown consequences of the global monetary and fiscal stimulus, as well as the record-low interest rates. Add deglobalization on top of this, the report said, and the desire for adoption and general awareness is as strong as it can be at this time.Wakem capital Management’s John Vincent gave comment about the matter, as well. He referenced the rampant money printing occurring just as the Bitcoin halving occurred, stating that you don’t need a fancy degree in order to know that BTC’s supply halved while the USD doubled in supply.