The asset management firm Fidelity is reportedly weighing plans to bring Bitcoin trading to individual investors on its brokerage platform.
If true, this would give 34.4 million retail customers at Fidelity access to the largest cryptocurrency by market cap.
Fidelity’s Next Bitcoin Foray
The claim is according to people familiar with the matter who were contacted by the Wall Street Journal.
It was also predicted by Galaxy Digital CEO Mike Novogratz, who said that Fidelity’s Bitcoin offering would soon extend to retail during a speech at the SALT Conference on Monday.
“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.”
Fidelity has shared no such news with its clients yet, so the offering is technically not confirmed. However, rumors of the offering have been circulating on social media since last week, with some saying it will arrive this November.
ADVERTISEMENT
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.”
Others were more skeptical. “The true question is, will Fidelity allow withdrawals?” tweeted the popular Bitcoiner Namcios, making note of the importance of self-custody. “Bitcoin IOUs if not,” he added.
Fidelity VS Regulators
Fidelity has been especially eager to provide cryptocurrency offerings compared to other investment giants – especially Bitcoin. The firm began mining Bitcoin as early as 2015 and began offering Bitcoin trading to its institutional investors in 2018. Earlier this year, it announced that corporate clients could add Bitcoin to their 401(k) retirement accounts.
Fidelity has also launched a spot Bitcoin exchange-traded fund (ETF) in Canada, and has urged the SEC to let it bring the same product to the United States.
But so far, the SEC hasn’t budged – and members of congress have disapproved of Fidelity’s addition of Bitcoin to retirement plans.
“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
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
The post appeared first on CryptoPotato
