Mainstream Finance Still Doesn't Trust Bitcoin According To Digital Assets Data CEO

Is bitcoin still trustworthy? The answer is confusing for many investors, especially for DeFi. Why is it being projected as the savior in Hong Kong?

Mainstream Finance Still Doesn't Trust Bitcoin According To Digital Assets Data CEO

In The Mainstream World, Bitcoin Still Has Ground To Make Up

Describing continued hesitancy in mainstream finance when it comes to Bitcoin is Mike Alfred CEO of analytics outfit Digital Assets Data following the news of Fidelity Investments’ Bitcoin fund filing. 

On Sept 10, Alfred told remaining deeply sceptical of Bitcoin and the ecosystem are many in the traditional financial services/asset management/wealth management verticals. Taking a shot at Fidelity CEO Abigail Johnson in reference to her activities and position as an early bitcoin adopter, he said that one commenter on the LinkedIn even called Fidelity’s move Abby’s folly. 

Making a name for itself in the crypto space in the arena of crypto custody, was a mainstream financial services entity, Fidelity, with its daughter company Fidelity Digital Assets. Under a Regulation D exemption with the US Securities and Exchanges Commission or SEC, on Aug 26, 2020, Fidelity filed for a bitcoin trading product, the Wise Origin Bitcoin Index Fund. 

As Alfred further says serving as fuel for Bitcoin’s adoption and price increases in the future from a contrarian standpoint is what he thinks this scepticism and disbelief will do. He adds that they will be forced by their clients and partners to get involved at significantly higher prices as these traditional folks capitulate. He thinks there is a very long runway ahead for BTC. 

Consequently, it was observed that mentioning with evidence of growing mainstream financial interest is Alfred who comes with Bitcoin just a few months back. He explained that the point furthers as Fidelity’s Bitcoin fund as well as the entity’s work in the crypto space. 

What Then Is Bitcoin Fighting For? 

In the traditional asset management and wealth management spaces in the US, he thinks it speaks to his previous comments about growing interest and awareness. It would be extremely bullish for BTC with serious adoption in those channels. Leading the way is Fidelity.

Similar to participation from big players such as hedge funder Paul Tudor Jones, other indications of growing mainstream bitcoin interest have also surfaced in 2020. 

Pushing ‘Bitcoin Tram’ Ad Campaign Are Hong Kong’s BTC Association

Urging citizens to be their own bank, another massive bitcoin ad rolls out in Hong Kong. 

Launching the Bitcoin Tram ad campaign in Hong Kong which comes as one of the world’s main global financial centres is the Bitcoin Association of Hong Kong as a major local alliance promoting crypto awareness and education. 

They launched the new ad campaign that included three double-decker trams that were fully covered with Bitcoin logos as well as ads also alongside the 20 similarly designed billboards placed across the city according to a Sept, 11 announcements. 

The educational campaign was initiated by the Hong Kong Bitcoin community and is coordinated by the association as Hong Kong’s Bitcoin Association said in the announcement. Later on the non-profit added that the campaign was then financed with donations from those in the community. 

While billboards in the city are due Oct 1, the Bitcoin Tram campaign is scheduled to run between Sept 11 and Oct 8 according to the public statement. 

In Hong Kong What Is Bitcoin Targeting 

Finally, it was found as the announcement reads, there was the ad campaign expected to contribute to the global adoption of the digitised economy :

The relevant question is how Bitcoin fits into this quickly digitising global economy, with the opportunities and dangers of the drastic technological advancements and also the implications of digital verifiable scarcity are the concerns hoping the campaign will allow discussing 

Including some statements and quotes promoting Bitcoin, usage is alongside Bitcoin logos and the Bitcoin Tram ad campaign. Belonging to American writer Stewart Brand and famous United States Navy officer T.A.M. Craven, are some of the quotes. The statement thereby reads as more than they were in existence in 2009, more US dollars have been printed in 2020 and hence there will only ever be 21 million bitcoin. 

There are bitcoin ads right in front of HSBC headquarters according to a Sept.11 tweet by OKEx CEO Jay Hao. The ads are therefore seen to urge Hong Kong citizens to be their own bank

HSBC was allegedly among several global banks scrutinising their Hong Kong clients amid the protests over China-backed national security laws as reported. 

As We Sum Up …

To find out more details about the Bitcoin promotion campaign, it was reached out to update any pending new information from the association. 

It was in the late August 2020, that there was a massive bitcoin ad in Hong Kong coming shortly after another big Bitcoin ad that was spotted in Apple Daily an HK-based tabloid-style newspaper. Promising that bitcoin will never ditch you comes the full-page ad for bitcoin.

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