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Fidelity customers may soon be able to buy Bitcoin via the company’s brokerage platform.
According to a report in the The Wall Street Journal, Boston-based investment giant, Fidelity, will soon offer its customers the possibility to buy Bitcoin via its brokerage platform which is also available in a mobile app.
The newspaper article said that the fund manager with over 34.4 million retail accounts is currently discussing the option to offer Bitcoin to its clients. However the firm has not yet informed its clients of any new services.
Although Fidelity has not responded to the news, the head of crypto assets solutions platform Galaxy Digital, Mike Novogratz, on Monday noted that there is some speculation about Fidelity’s plans. Speaking at the New York SALT event, he confirmed that the rumors fit the narrative of the “constant march of institutional adaptation of Bitcoin” as seen by recent announcements made by BlackRock and Franklin Templeton. Novogratz said:
“A bird told me, a little bird in my ear, told me Fidelity is going to shift its retail customers into crypto soon enough.
“I hope that bird is right.”
Fidelity has been dabbling into crypto for a long time now. While at the start of 2022, the U.S. Securities and Exchange Commission (SEC) rejected Fidelity’s application for a Bitcoin Spot ETF, it launched two ETF focused on the crypto ecosystem and metaverse in April, the “Fidelity Crypto Industry and Digital Payments ETF (FDIG)” and “Fidelity Metaverse ETF (FMET)”.
Director of Global Macro at Fidelity, Jurrien Timmer, in July said that Bitcoin and Ethereum are relatively cheap and about to bottoming out. A few weeks later, Timmer said that the two flagship cryptocurrencies are in “a league of their own”, and that while there will always be other crypto assets and networks trying to join and outperform Bitcoin and Ethereum, “that ship has sailed”.
Update: Fidelity announced on November 30th of 2022 that Bitcoin had been added to its offering to clients.