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Quasi-certainty in the conditional? Rumors are circulating about a new project by investment giant Fidelity, which would lead to the mass adoption of Bitcoin (BTC) by retail investors.
Fidelity pushes Bitcoin to its millions of retail customers
MicroStrategy Executive Chairman Michael Saylor announced this in his September 12 tweet: “Bitcoin is coming to 34 million accounts at Fidelity”. The information was mainly made public by an article in the Wall Street Journal, published the same day.
Fidelity is currently evaluating the possibility of offering bitcoin to retail investors, knowing that the fund manager manages over 34.4 million personal accounts. However, the company has not yet communicated this information to the first concerned, which are its customers.
Pending its formalization, this news should be carefully considered as a rumor. The CEO of Galaxy Digital, Mike Novogratz, who spoke on this point at the SALT forum in New York, also mentioned the chirping of a “little bird” who would have signaled in his “ear”, that “Fidelity will move its retail customers to crypto soon enough”.
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A long love affair with Bitcoin: between facts and words
Will the bird be right, as Mike Novogratz hopes, or is it currently singing the low notes of the massive adoption of cryptocurrencies by institutional and retail investors alike?
In the facts, Fidelity’s long-standing growing interest in Bitcoinreinforces the credibility of these rumors.
As early as 2019, the company announced the launch of its custody service for cryptocurrencies, during the first quarter. The same year, it obtained the green light from the New York authorities which allows its platform for the sale, purchase and custody of cryptocurrencies to operate legally in the State. It also announced at the time its expansion plans for its crypto services in Europe.
In 2020, the company continued to bet on cryptocurrencies, by investing in particular in a Canadian cryptocurrency mining company. The following year, Fidelity was on the list of investors supporting the IPO of Cipher Mining, the mining arm of Bitfury.
But 2021 was also the year of Fidelity’s attempt to gain regulatory approval from the US SEC for a Bitcoin ETF. It was also that of Fidelity Group’s profession of faith in Bitcoin, issuing explosive forecasts that put the price of the cryptocurrency at $1 million by the end of the decade.
And while 2021 marked the end of the bull run, Fidelity continued its drive to boost cryptocurrency adoption, partnering with Nexo to win over institutional investors.
For retail investors, Fidelity announced earlier this year that the company would offer Bitcoin as a retirement savings vehicle for its customers.
Fidelity could therefore offer Bitcoin to its millions of retail customers, a rumor which, if materialized in the short term, could help the bulls end the crypto winter. Even during these bear markets, the company continued to support the industry. Recently, she thus sponsored a young crypto exchange.
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