A few days ago, Wall Street made a massive move with enormous importance for the crypto space.
Fidelity CEO Abigail Johnson said that the long-term strategy of the investment company is to make Bitcoin and cryptos more accessible to investors:
“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.” it highly supported the legitimacy of cryptos.
Fidelity validates cryptos
By opening a crypto branch, Fidelity basically showed some massive support for the cryptocurrencies and the company’s move opened a door towards endless possibilities, and more companies could soon decide to do the very same thing.
BKCM CEO Brian Kelly spoke about how this move will trigger the arrival of more institutional investors into the cryptosphere.
“It is not so much as the institutional mandate anymore. Custody has been a huge hurdle and having somebody like Fidelity put their stamp on it and say ‘yes, this is a new asset class, and we’re going to custody this.’ I believe they even said they might have some insurance. So that is a step closer,” said Kelly on CNBC’s Fast Trader.
Changpeng Zhao predicted that institutional money would reach the crypto space
Changpeng Zhao was also more than enthusiastic about Fidelity’s crypto arm and said that when a fund like this allocates 5% of their portfolio to crypto, this is huge news.
5% of $7.2 trillion assets under management by Fidelity is equivalent to around $360 billion, which is larger than the total valuation of the crypto market.
We cannot wait to see more institutional money pouring into the cryptosphere and to find out who will make the next move.