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September 12, 2022

Fidelity is thinking about letting individual investors buy Bitcoin

According to The Wall Street Journal, Fidelity consumers may soon be able to purchase Bitcoin using the company’s brokerage platform.

According to the newspaper, Boston-based investment firm Fidelity, which oversees over 34.4 million retail accounts and is one of the world’s largest fund managers, is considering offering Bitcoin (BTC) to its individual customers.

According to the Journal, the corporation has not yet revealed its intentions with its clientele. Fidelity provides a smartphone app that enables retail clients to manage their assets.

Fidelity did not react quickly to Decrypt’s request for comment. However, Galaxy Digital CEO Mike Novogratz said earlier today at the SALT summit in New York that he had heard reports about the company’s ambitions.

“A tiny bird in my ear informed me Fidelity is going to transfer its retail clients into cryptocurrency soon enough,” he added. “I’m hoping that bird is correct.”

Fidelity’s rumored ambitions are linked to those previously disclosed by major investment companies Franklin Templeton and BlackRock Solutions as part of a “continuous march of institutional acceptance of Bitcoin,” he said.

Fidelity has been dabbling with the realm of cryptocurrency for some time. In April, it was announced that Fidelity, America’s biggest supplier of 401(k) savings accounts, will develop a program that would enable employees to invest 20% of their retirement money in Bitcoin.

This year, the business also introduced two new exchange-traded funds (ETFs) that provide customers with exposure to firms in the crypto and metaverse sectors. It has also applied to the SEC to develop a Bitcoin ETF, which, if allowed, would provide consumers with direct exposure to the digital currency.

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Fidelity global macro director Jurrien Timmer said last year that the largest cryptocurrency by market capitalization has a “unique edge over gold.”

“Bitcoin is gaining legitimacy, and as a digital analog of gold with better convexity, my view is that bitcoin will steal more market share from gold over time,” he added.