Fidelity Investment Wants To Completely Focus On Bitcoin

By Author: Pavan A
Total Articles: 20
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Investment giant Fidelity, a Boston-based firm has made Bitcoin the main focus in their digital assets division as 90% of its biggest clients are interested in Bitcoin.

Christine Sandler, head of sales and marketing for Fidelity in an interview mentioned that its clients are interested in accessing Bitcoin. She explained that institutional interest in Bitcoin has been accelerating like never before.

Tom Jessop, who heads the crypto arm of the firm, said the pandemic has made governments around the world print money, which was a major reason for investors to finally get into cryptocurrency.

"What really got people off the fence was the pandemic, because you've got this scarce asset class - there will only ever be 21 million bitcoin created and an environment where our currency is being debased, and there's a ton of money printing."

For years Fidelity has been laying the foundation aiming to build a financial infrastructure to bring in the major change in the cryptocurrency space. This will ensure its client's access to the digital asset market.

In ...
... order to give an individual investor access to virtual currencies, the Boston investment firm had announced in March its plans to create an exchange-traded fund. Recently, Fidelity said it would add 100 new jobs to its “digital assets” team, increasing the total count to 250.

Jessop says the firm built its crypto offerings to support other digital currencies, but he says, “I don’t think we’ll ever be the most full-service provider, in terms of asset coverage.”

He adds, “safety, soundness, and security” is given the first preference. The freedom for anyone to invent new virtual currency will be followed by lots of questions by Fidelity before it adds new currencies.

I am an external analyst and working as a content writer