Fidelity believes that 90% of its most important clients like to acquire Bitcoin and other cryptocurrencies. This firm is now looking forward to introduce retail investors to the world of digital assets.
Fidelity believes that 90% of its most important clients are interested in gaining Bitcoin and other cryptocurrencies. This firm is now looking forward to opening up the digital asset space to retail investors.
Fidelity is planning to put cryptocurrency market in the side-line as it seems to be more ambitious than it seemed before as the asset manager looks to give more institutional pathways to digital assets. During a recent interview with Boston Globe, Christine Sandler, head of sales and marketing for Fidelity Digital Assets mentioned that the institutional liking in crypto is developing on a daily basis. Many investors, the initial entry into crypto has been Bitcoin (BTC) and to lesser extent, Ether (ETH).
Tom Jessop the head of Fidelity Digital Assets stated that the pandemic was a huge motivation for investors to finally get into crypto: “What really got people off the fence was the pandemic, because you’ve got this scarce asset class there will only ever be 21 million bitcoins created and an environment where our currency is being debased, and there’s a ton of
money printing.” It is already known that most institutional investors are carefully taking part in the crypto market for the first time this year. Institutional interest is usually existing in purchasing Ethereum or Bitcoin directly.
Fidelity investment seems to be ahead of the race, focusing strongly to be the first to offer the infrastructure important for the investors to directly access the crypto market. It was during March this year the Fidelity gave in the S-1 document of the Securities and Exchange Commission (SEC formally seeking the approval of their own Bitcoin ETF named wise origin Bitcoin trust. At the end of July, Fidelity gained a 7.4% stake in North American crypto miner Marathon Digital Holdings, which was worth $20 million.
Fidelity made it own special venture capital division known as Devonshire Investors, investing in cryptocurrency startups like ErisX, Talos and Coin Metrics. The company’s crypto ambitions have been powered by a developing demand from clients to access crypto investment opportunities. A new trend is being noticed around important institutional funds and banks in the United States and Globally. Based on a recent report, U.S bank JP Morgan is now giving clients access to six crypto-dedicated funds.
The criticisms during the beginning of digital assets, firms like BlackRock, Goldman Sachs and Citibank have also mentioned a more optimistic outlook on Bitcoin. The recent survey from London based crypto fund Nickel Digital Asset Management stated that most of wealthy managers expected to grow their exposure to crypto in the future.