FIDELITY CRYPTO LAUNCH BRINGS OUT THE BULLS
The presence of Fidelity in the bitcoin market is bullish for speculators. They believe that a respected custody service would attract institutional investments, for it would reduce the risks concerning thefts. So far, big investors have excused themselves from putting their money in the hands of bitcoin industry startups, hesitant to trust these nascent firms. Fidelity, in the best case scenario, would fill that gap with its proven track record as an asset manager.
Fidelity Investments CEO and chairman Abigail Johnson said:
Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors. We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.
Since then, with the introduction of Fidelity Digital Assets in October of last year, the company has moved forward with its plans to help institutional investors invest in the emerging asset class.