The asset manager thinks "bitcoin should be considered first and separate from all other digital assets that have come after it." This is huge, considering the Fidelity Digital Assets division's website opens with "We envision a future where all types of assets are issued natively on blockchains or represented in tokenized format." That multichain-focused company recognized Bitcoin's inherent superiority in their latest report.

According to Fidelity, "Bitcoin is best understood as a monetary good" and not as a technology.

This is key.

They also "believe it is highly unlikely for bitcoin to be replaced by an "improved" digital asset for several reasons."

The rest of the document, more or less, consists of stating and analyzing those reasons.

The Fidelity report is exactly what Paul Krugman needs to understand the difference between Bitcoin and the rest of crypto. It starts with a fairly basic and non-technical overview of how the Bitcoin network works. It explains its "enforceable scarcity," and how Bitcoin's "monetary network effects" are unbeatable. It goes as far as claiming that "any subsequent monetary good would be "reinventing the wheel."