Fidelity CEO: Wall Street Will Be "Forced" to Accept Blockchain Technology

According to DLnews, Fidelity Investments CEO Abigail Johnson stated that the traditional financial system is built on a complex reconciliation process network based on "primitive technology," which is quite frightening. She pointed out that although blockchain will eventually replace the existing system, the transition will not be smooth and will require competitive pressure and regulatory standards to drive the industry forward.

Fidelity has been betting on blockchain since 2013, with its Bitcoin ETF reaching $20 billion, second only to BlackRock. Johnson admitted to underestimating the time required for the transition but firmly believes that competition and regulation will force traditional financial institutions to eventually adopt new technologies.