It can be both. The Bolshevik revolution scared the rulers of many European countries, and its capitalist class. People were very impressed that a regime as stable as that of the tsar could fall like that. This is a regime people invested in at the time because it was considered safe.
It is arguably as a consequence of this, that these rulers and capitalists supported more or less enthusiastically fascism as a way to contain the masses. Without that (implicit) support, it's hard to say whether fascism would have been anything more than a bizarre cult.
"Workers of the world, unite! You have nothing to lose but your chains! Let the ruling classes tremble..."
They brought it off. In an era when most of Europe was ruled by weak, aging monarchs.[1] In 1917, most of Europe except for France and Portugal still had a monarch, most with real power.
It is arguably as a consequence of this, that these rulers and capitalists supported more or less enthusiastically fascism as a way to contain the masses. Without that (implicit) support, it's hard to say whether fascism would have been anything more than a bizarre cult.