Fidelity Could Soon Allow 34 Million Customers to Invest in Bitcoin
Fidelity recently began allowing retirement accounts to invest in Bitcoin, and now the company is considering expanding this access to over 34 million brokerage accounts.
As the asset management firm Fidelity reportedly weighs plans to bring Bitcoin trading to individual investors on its brokerage platform, it's clear that the mainstream adoption of cryptocurrency is only gathering more steam. For those who have been following the space closely, this move by Fidelity is yet another validation of Bitcoin and its potential as a game-changing force in the financial world.
If true, this would give 34.4 million retail customers at Fidelity access to the largest cryptocurrency by market cap. This would be a huge boost for the adoption of cryptocurrencies, as Fidelity is one of the largest financial services companies in the world.
Fidelity Investments to Launch Bitcoin Custody Service
Fidelity Investments is considering allowing its customers to trade bitcoin on its brokerage platform, according to people familiar with the matter. If Fidelity allows bitcoin trading on its platform, it would be a major boost for the digital currency. Fidelity is one of the largest asset managers in the world, with more than $2.3 trillion in assets under management. The Wall Street Journal's sources cautioned that a decision to offer bitcoin trading on Fidelity's platform is not final, and that the company could still decide against it.
I believe that Fidelity's Bitcoin offering will soon extend to retail, just as Mike Novogratz predicted during his speech at the SALT Conference on Monday. This will be a great development for the cryptocurrency community, as it will provide more people with access to this innovative technology.
“A bird told me that Fidelity, a little bird in my ear, is going to shift their retail customers into crypto soon enough,” he said. “I hope that bird is right. And so we are seeing this institutional march.”
Although Fidelity has not yet confirmed the rumors, it is speculated that the company will offer cryptocurrency trading to its clients in November. This would be a major development in the world of cryptocurrency, and could help to legitimize the currency as a whole.
Bitcoin Twitter shared some excitement over the news. Michael Saylor – Executive Chairman of Microstrategy – shared how Bitcoin “Is coming to 34 million accounts at Fidelity.” This is great news for the cryptocurrency community! It shows that even traditional financial institutions are starting to see the value in Bitcoin and are willing to invest in it. This could help to legitimize Bitcoin and spur even more adoption in the future.
The value of Bitcoin has surged in recent days, leading some to believe that the asset is poised for mainstream adoption. However, others are skeptical, pointing to the lack of regulation and infrastructure surrounding the cryptocurrency.
Fidelity Battles Regulators Over Crypto Trading
Fidelity has been a leader in offering cryptocurrency products and services compared to other investment firms. The company began mining Bitcoin in 2015 and started offering Bitcoin trading to its institutional investors in 2018. This year, it announced that corporate clients could add Bitcoin to their 401(k) retirement accounts. Fidelity's commitment to cryptocurrency offerings is a positive sign for the industry and shows that the company is confident in the future of digital assets.
Fidelity's launch of a spot Bitcoin exchange-traded fund (ETF) in Canada is a positive development that could lead to the same product being made available in the United States. This would provide investors with another way to gain exposure to Bitcoin, and could help to increase its adoption.
The SEC's unwillingness to budge on the issue of Bitcoin in retirement plans has been met with disapproval from members of Congress. Fidelity's decision to add Bitcoin to its retirement offerings could be a game-changer, but only if the SEC gives its blessing. For now, it appears that the agency is content to keep Bitcoin out of retirement accounts.
“Investing in cryptocurrencies is a risky and speculative gamble, and we are concerned that Fidelity would take these risks with millions of Americans’ retirement savings.” wrote senator Elizabeth Warren in a letter to Fidelity
Fidelity Investments, one of the world's largest financial services firms, may soon offer its retail customers the ability to trade cryptocurrencies like Bitcoin, according to a new report.
