Fidelity plans to offer Bitcoins to individual investors
Category: #retail  By Saipriya Iyer  Date: 2022-09-14
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Fidelity plans to offer Bitcoins to individual investors

Fidelity clients will soon have access to the company's brokerage platform where they may purchase Bitcoin, as per credible reports.

One of the largest fund managers in the world, Boston-based Fidelity oversees more than 34.4 million retail accounts. According to reports, the business is considering making Bitcoin available to its retail investors.

Apparently, the company has not yet shared its plans with its customers. The retail clients of Fidelity can handle their investments from their phones via its app.

Fidelity was requested for a statement by Decrypt but did not give one immediately. However, Mike Novogratz, CEO of Galaxy Digital, said he had heard rumors about the company's ambitions at the SALT summit in New York. He said that Fidelity will soon start converting its retail clients to cryptocurrency.

In a continuous march toward the institutional adoption of Bitcoin, Novogratz linked Fidelity's alleged ambitions to those previously disclosed by major international financial firms, Franklin Templeton and BlackRock Solutions.

For quite some time, Fidelity has been exploring the world of cryptocurrency. A program that enables employees to put 20% of their retirement earnings in Bitcoin was announced by Fidelity, the nation's largest provider of 401(k) savings accounts, in April.

For the unversed, the company also introduced two new exchange-traded funds (ETFs) this year that allow clients exposure to businesses in the cryptocurrency and metaverse spaces. In addition to this, it has submitted a request to the SEC to start a Bitcoin ETF, which, if granted, would allow investors direct access to the digital assets.

The largest cryptocurrency by market size had a "special edge over gold’, according to Jurrien Timmer, head of Fidelity Global Macro.

As a more convex digital equivalent of gold, Timmer added that Bitcoin is gaining trust over time and will steal more market share from gold.

 

Source- https://decrypt.co/109547/fidelity-is-considering-offering-bitcoin-to-retail-investors-wsj



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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