Bitcoin has “a lot of similarities” with gold, and consumer fears of the cryptocurrency being stolen are fading, according to a new report from a unit of the bond-rating and investment-index firm Standard & Poor’s.
“Concerns of bitcoin theft were rampant a few years ago,” Jim Wiederhold, associate director for commodities and real assets for S&P Dow Jones Indices, said in excerpts of the report emailed by a press representative for the New York-based company. “As Bitcoin becomes more mainstream, these worries are fading, though lingering technology and exchange counterparts risks remain.”
S&P joins a growing list of Wall Street firms to weigh in on bitcoin after prices for the cryptocurrency quadrupled in 2020, generating fresh interest among big institutional investors including BlackRock, the world’s biggest money manager.
