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Abstract：Fidelity, one of the world's major financial services companies, has begun to provide consumers with bitcoin trading accounts.
This follows their earlier disclosure of a wait list earlier this month. According to The Block, select users, presumably those on the queue, got an email outlining the release with the message “The wait is gone.”
Fidelity has been involved in the bitcoin sector for some time, beginning mining bitcoin in 2014, according to the company website. In addition, in December 2021, it will offer a spot bitcoin ETF in Canada.
The financial services behemoth's involvement in bitcoin has not gone unnoticed, with US lawmakers questioning its provision of a 401k plan that enables customers to allocate to bitcoin.
The same group of senators recently revived the same concern, stating in their newest letter, “Fidelity Investments has decided to go beyond conventional finance and plunge into the very unstable and more dangerous digital asset sector.”
Despite these cautions, Fidelity looks to be jumping into bitcoin wholeheartedly, as interest in bitcoin within the conventional banking industry grows. It should be emphasized that the move comes at a very intriguing moment, considering recent events surrounding the collapse of FTX and the increased focus on volatility in the sector.
With the industry image so shaky, the acts of behemoths like Fidelity will almost surely have repercussions for bitcoin legislation in the future.
Aside from FTX, senators claim that cryptocurrency investments have only developed as a dangerous and speculative bet, and they are afraid that Fidelity would assume similar risks with millions of Americans' retirement assets.
Fidelity is the biggest retirement plan provider in the United States, with more than $10 trillion in assets under management, and its move was considered a crucial driver for making cryptocurrency even more popular. The cryptocurrency option is now accessible to the 23,000 employers that use Fidelity to manage their 401(k) retirement funds.
You may check out more of Fidelity news here: https://www.wikifx.com/en/dealer/5871434190.html
Always remember to check the true identity of a broker before investing. Being regulated online trading broker must be known to public to be considered as trustworthy broker.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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