But Bhutoria has more arguments. Next up, much like how guns don’t kill people, Bitcoin may facilitate illicit activity, but is not responsible for it. “Bitcoin, like cash or the internet, is neutral and has properties that may be valuable to good actors and bad actors,” said Bhutoria. Illicit activity makes up only a tiny fraction of all Bitcoin trade, she points out: just 1%, according to data from blockchain analytics firm, Elliptic.

Bhutoria further dismisses the misconception that Bitcoin is not backed by anything. Her opponents may argue that Bitcoin is not backed by “cash flows, industrial utility, or decree.”

Bhutoria argues that this couldn’t be further from the truth. “It is backed by code and the consensus that exists among its key stakeholders,” she said. “Bitcoin’s stakeholders make the explicit choice to use and support the network, realizing Bitcoin’s unique attributes – the perfect scarcity of bitcoin, transaction irreversibility, and seizure and censorship resistance.”

And finally, the criticism from sustainability. What about Bitcoin’s competitive edge? Could it be outcompeted? Not so easy, says Bhutoria. Even though there have been many attempts, none has come close to outcompeting Bitcoin.

Forking is one thing (as open-source software, that’s to be expected), but replicating the community (from miners and users to validators and developers) and its network efforts is quite another. And that’s where the true power of Bitcoin lies, she argued. Does Wall Street have a Twitter army?

Fidelity got into the Bitcoin game in October 2018. Fidelity Digital Assets provides crypto custody services and operates a publicly-traded Bitcoin Fund, among other services.

Fidelity holds $8.8 Trillion in customer assets, as of June 30, 2020. The entire market capitalization of the crypto economy is $457 billion, of 5% of that. Bitcoin still has a lot of growing to do for Fidelity to consider it an existential threat. Thankfully, posts like Bhutoria’s help.

Via Decrypt