'For the price of Bitcoin this is the best news it had in a year'

07 May, 2019
by Jelmer van der Dussen
Bitcoin
'For the price of Bitcoin this is the best news it had in a year'

Bloomberg came out with the report on Monday that Fidelity is going to offer Bitcoin buying and selling to institutional investors within the next few weeks. Bloomberg reporter Matthew Leising gave the latest ins and outs on Bloomberg Markets, saying that this is a big deal for Bitcoin.

"For the price of Bitcoin this is maybe the best news that it has had in a year or so", Leising said on the show. "It has been a rough ride. What it tells the broader street, is that somebody with decades of relationships and trust on Wall Street, Fidelity, is throwing its weight behind this and saying: hey, you know, we can work with it, you can work with it too."

Bitcoin did react to the news, gaining 5% today and nearing the important $6000 mark. Fidelity is a $7.2 trillion asset manager with a lot of respect in the world of institutional investors, and over the last year it has been paving the way for the rich and wealthy to start investing in Bitcoin and possibly other cryptocurrencies in the future.

Leising: "What Fidelity is going for are institutional investors, pensions, family offices, hedge funds, sophisticated investors with more money to spend. Another thing to keep in mind is that a few months ago Fidelity started a custody service for Bitcoin, meaning that if you are an investor and you hold a bunch of Bitcoin, you can have Fidelity take over it for you and custody it."

"It's a lot more secure with Fidelity. You couple that custody with trading and it seems that they are putting a suite of products together to ease people into this market."

With E*Trade and Robinhood rolling out easier cryptocurrency investing for retail investors and Fidelity targetting the institutional investors, more and more ways to invest in crypto are being introduced to the industry. Add to that the plans of Bitcoin futures exchange Bakkt to open its doors this year, and it's hard not to see 2019 could be the year that investing in Bitcoin will be taken to the next level.

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