- Stern is responsible for running Fidelity’s bitcoin, blockchain and digital currency incubator.
- And regardless of whether bitcoin will survive, it could be like the Napster of blockchain technology, Stern said, where it is the first of its kind but the next products, in this case Spotify and Apple Music, get better and better.
- “I do think [cryptocurrencies] will make things, whether it’s bitcoin or something else, faster and cheaper and create new products and services that we can’t even imagine,” Stern said.
- While some critics are skeptical of how bitcoin is used, Stern said that banning the cryptocurrency would be like banning the web or open internet protocols.
- Stern did emphasize though that Fidelity’s move does not mean their clients can make bitcoin transactions through their corporation, saying “we’re not necessarily making a judgment on bitcoin.”
“Blockchain technology will change the world” and bitcoin is “here to stay,” according to the man behind Fidelity’s research into cryptocurrencies.
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