According to reports, the pro-bitcoin financial titan is considering allowing its more than 34 million individual investors to purchase bitcoin via its online brokerage.
- Fidelity Investments may allow individual investors to purchase bitcoin.
- The company's online brokerage would allow investors to purchase the asset.
- Fidelity boasts over 34 million individual investors.
According to a Wall Street Journal report, Fidelity Investments may allow individual investors to invest bitcoin through its brokerage platform.
An investor report entitled Bitcoin First was published by Fidelity, a pro-bitcoin financial institution. It explains why bitcoin is better than any other digital asset and why it should be considered for investment. Fidelity is now looking to offer this investment vehicle for its 34 million investors.
Fidelity created a platform that allowed institutional investors and hedge fund managers to trade bitcoin in 2018. More recently, MicroStrategy partnered with Fidelity to launch the Bitcoin 401(k)
Fidelity has always been pro-bitcoin for institutional-grade investors. However, Fidelity's 401(k), product allowed it to continue to cater to a wider clientele and put bitcoin in the hands every-day worker.
However, legislators have not been pleased with the continued support for bitcoin. Fidelity's 401(k), product was criticized by a letter sent to them in July.
One passage in the letter actually shows how U.S. legislators feel about Bitcoin being offered to the working class:
"This raises the question: Why would Fidelity allow people who are able to save to be exposed untested, highly volatile assets like Bitcoin?"
It is evident that legacy institutions and legislators still struggle to understand and accept bitcoin despite Bitcoin's acceptance as a currency store-of-value as well as a viable currency. One could argue that Fidelity ignores the noise in the ecosystem while continuing to offer innovative services.
By: Shawn Amick
Title: Fidelity To Allow Its 34 Million Individual Investors To Buy Bitcoin: Report
Sourced From: bitcoinmagazine.com/business/fidelity-considers-allowing-individual-investors-to-buy-bitcoin
Published Date: Mon, 12 Sep 2022 19:50:27 GMT
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