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Bitcoin price has dropped below $20,000 per bitcoin. Traders Prepare for Federal Reserve Bomb Meanwhile, Ethereum’s price fell by almost 20% in the aftermath of its long-awaited upgrade (Some believe it could wreak havoc on crypto market dynamics). Other top 10 cryptocurrencies including BNB, XRP, Solana, Cardano and Dogecoin have also lost ground When Regulators Surround Crypto Markets.
now, After BlackRock, the world’s largest asset manager, “opened the floodgates for institutional investors to access Bitcoin,” Reports have surfaced that investment giant Fidelity is considering offering bitcoin trading services to its 34.4 million retail investor base.
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Boasting $9.9 trillion in assets under management as of June this year, Fidelity Investments, which began mining bitcoin in 2015, is looking to open up the bitcoin and crypto markets to 34.4 million brokerage accounts. report by wall street journal this week.
Marcus Sotiriou, an analyst at London-based digital asset broker Global Block, said in an emailed comment: “When one domino falls, the rest will follow. It confirms that we need to enter the currency space,” he said, adding: The move demonstrates Fidelity’s “belief in Bitcoin’s longevity.”
Earlier this year, Fidelity made waves in the cryptocurrency market and sparked backlash from regulators and lawmakers when it announced it would allow 401(k) retirement savings account holders to invest directly in Bitcoin. Influential Senator Elizabeth Warren called the plan “very nasty” and warned that bitcoin could be too risky an investment for retirement savers, while Acting Assistant Secretary of Labor He said he had “grave concerns”.
Fidelity’s latest potential bitcoin support news was teased by bitcoin bull and Galaxy Digital CEO Mike Novogratz, calling it “we see this institutional march towards bitcoin.” There are,” he said. WSJMore.
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“A bird told me, a little bird in my ear said Fidelity would soon convert retail customers to crypto,” Novogratz said on stage at the Salt conference in New York. “I hope that bird is right.”
Last week, Michael van de Poppe, CEO of crypto trading platform Eight Global, said he expects Fidelity to launch bitcoin trading for retail customers in November. Told. “Recruitment is growing and accelerating,” he says. Posted to Twitter.
In 2021, Julian Timmer, Fidelity’s Global Macro Director, endorsed Bitcoin, stating that it “has advantages over gold.”
“Bitcoin is gaining credibility and is the digital analogue of gold, but with greater convexity, Bitcoin will take market share away from gold over time,” said Timmer. I have written.