- Fidelity is considering opening up Bitcoin trading to its 34.4 million brokerage accounts
- Fidelity already has a firm hand in the crypto space, and it looks like it wants more
- The investment giant joined the crypto space in 2018 and has increased its exposure ever since
Investment giant Fidelity, which has taken massive steps into the crypto arena in recent years, is considering going one further and opening up Bitcoin trading to its 34.4 million account holders. According to the Wall Street Journal, which in turn cites “people familiar with the matter”, Fidelity, which is led by the pro-Bitcoiner Abigail Johnson, is considering taking this next huge step in Bitcoin adoption, with Galaxy Digital CEO Mike Novogratz claiming that he had heard the same thing. If it comes to pass it will represent the opening of one of the biggest single institutional access points to Bitcoin in its history.
Is the Herd Finally Arriving?
Fidelity first became interested in crypto in 2018 when it opened Fidelity Digital Assets for a select group of clients to get exposure to Bitcoin. Its interest has only grown ever since, with the company adding Bitcoin to 401(k) accounts earlier this year. Now it seems that it is about to open the floodgates and let all its clients trade Bitcoin, at least according to the Wall Street Journal and Novogratz.
Novogratz was talking at the Salt conference yesterday when the subject came up:
A bird told me that Fidelity, a little bird in my ear, is going to shift their retail customers into crypto soon enough. I hope that bird is right. And so we are seeing this institutional march.
Novogratz it was who said in November 2017 that “the herd is coming”. It has taken a little longer than perhaps he envisioned, but it looks like he was most certainly right on that front.