Fidelity plans to offer Bitcoin to retail investors: WSJ


Fidelity customers may soon be able to buy Bitcoin through the company’s brokerage platform, according to The the wall street journal.

Boston-based investment giant Fidelity, which manages more than 34.4 million retail accounts and is one of the world’s largest fund managers, is evaluating whether to offer Bitcoin to its individual investors , according to the newspaper reported Monday.

The Log added that the company has yet to share plans with customers. Fidelity has an app that lets its retail customers manage their investments from their phone.

Fidelity did not immediately respond to Decrypt request for comment. But Galaxy Digital CEO Mike Novogratz told the SALT forum in New York earlier today that he had heard rumors about the company’s plans.

“A bird told me, a little bird in my ear, told me that Fidelity was going to transition its retail customers to crypto soon enough,” he said. “I hope that bird is right.”

He linked the plans reported by Fidelity to those recently announced by global investment firms Franklin Templeton and BlackRock Solutions as part of a “steady march of institutional Bitcoin adoption.”

Fidelity has been dipping into the world of crypto for quite some time now. In April, the news has fallen that Fidelity, which is also the largest US provider of 401(k) savings accounts, would launch a product allowing workers to save 20% of retirement funds in Bitcoin.

The firm too spear two new exchange-traded funds (ETFs) this year that offer clients exposure to companies in the crypto and metaverse space. He has also filed with the SEC to launch a Bitcoin ETF which, if approved, would give clients direct exposure to the digital asset.

Last year, Fidelity’s global macro director, Jurrien Timmer said that the largest cryptocurrency by market capitalization had a “unique advantage over gold”.

“Bitcoin is gaining credibility, and as a digital analogue of gold but with greater convexity, I suspect bitcoin will, over time, take more market share from gold,” he said. -he declares.

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