Tom Jessop on advisor adoption
From The Value Exchange: The State of Institutional Adoption · · Fidelity Digital Assets
“In our survey there's a ~20% year-over-year increase in the number of advisors who have invested for themselves or for clients — how much of that is reverse inquiry versus advisors actually deciding where this fits in a financial planner portfolio?”
On , Tom Jessop, President at Fidelity Digital Assets, spoke about advisor adoption during The Value Exchange: The State of Institutional Adoption on Fidelity Digital Assets.
About Tom Jessop
Tom Jessop, President of Fidelity Digital Assets, has stated that the cryptocurrency space has reached a "tipping point" for institutional adoption, citing the COVID-19 pandemic as a catalyst and describing bitcoin's narrative as "digital gold" amid unprecedented monetary stimulus. He has noted that Fidelity's annual client surveys show a year-over-year increase in both current ownership of digital assets and future purchase intent among institutions, with 70% of respondents indicating they intend to have an allocation to digital assets over the next five years. Jessop has described blockchain technology as a "new operating system for financial services" and said Fidelity is making a long-term investment in the space, initially focusing on providing institutions with custodial and trade execution services. Jessop has commented on market volatility, describing significant drawdowns as part of the "maturization as an asset class" and attributing a May 2021 correction to leveraged-driven excess that was reduced by roughly two-thirds. He has stated that the predominant institutional narrative for bitcoin is as a hedge against fiscal and monetary inflation, while a smaller number of investors view it from a portfolio allocation standpoint due to its lack of correlation with other assets. On regulation, Jessop has said that regulatory clarity and investor protection are important, and that Fidelity is engaged with regulators to educate them on the technology. He has also noted that Fidelity Digital Assets focuses on institutional clients and does not serve retail investors.