Although Fidelity hasn’t officially confirmed speculations that it may begin retail Bitcoin trading, but, the company stated that making digital assets more widely accessible remained a significant area of focus.
According to Galaxy Digital CEO Mike Novogratz $4.2 trillion asset management company Fidelity Investments is apparently preparing to provide Bitcoin (BTC) trading services to its 34.4 million retail investor base.
Although Fidelity hasn’t formally stated that it intends to add cryptocurrency to its retail platform. But, Mike Novogratz suggested to a conference audience in New York on Tuesday that the move might be imminent:
What did Mike Novogratz Say?
“A bird told me that Fidelity, a little bird in my ear, is going to shift their retail customers into crypto soon enough.”
“I’m hoping the bird is correct. As a result, we are still on this institutional march, which provides cryptocurrency a foothold.
Not only Mike Novogratz but others have hinted at Fidelity’s possible departure.
The Wall Street Journal reported on Tuesday that Fidelity is considering a scheme that allows individuals to trade Bitcoins through its brokerage platform.
Michal van de Poppe, founder and CEO of Eight Global, posted a similar message last week. He stated that the platform would begin accepting retail users for Bitcoin trading in November.
“While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of focus.”
Fidelity Investment is a prominent investor and player in the cryptocurrency market. Therefore, thanks to a rise in client demand for access to these options.
In the year 2015, Fidelity began mining Bitcoin. Similarly, in the year 2018, it opened a Bitcoin trading platform for hedge funds and institutional investors.
Fidelity also started enabling direct Bitcoin investments in its 401(k) retirement savings accounts in April. Although this was later criticized by three US lawmakers. It includes Senator Elizabeth Warren, who termed the introduction of the Bitcoin product “immensely disturbing.”
According to ADV ratings, Fidelity is the fourth largest asset management company in the world. It offers brokerage services, mutual fund management, investment guidance, and retirement services.
Due to concerns raised by two senators regarding Fidelity Investments’ plans to integrate Bitcoin (BTC) in 401(k) accounts.
The US government, on the other hand is becoming more and more concerned about the use of Bitcoin (BTC) in retirement savings.
The senators’ disapproval of BTC’s inclusion in Fidelity’s 401(k) investment plan was expressed in a letter to CEO Abigail Johnson.