They released this paper in January of this year about why investors need to consider bitcoin as different than other digital assets. So I think they've planned for bitcoin surviving. I hope.
They’ll likely expand into other crypto assets at some point. They’re at least timing it right, which will allow their investors to start allocating into btc at the bottom of this cycle.
Maybe not. Fidelity has famously a rather wealthy customer base with stock market experience. These people know that winner takes it all. They are more likely to be Botcoin only and only a smaller part of the portfolio 😆😆
There’s no need for withdrawals right off the bat. Many if not most who invest with fidelity aren’t concerned with being their own bank. It’s a different mindset. People with these firms also aren’t cashing out after they see some gains after a few years. It’s 30+ years grinding away through every cycle. Some are more savvy than others as it will always be and I am generalizing.
I got access to @Fidelity Crypto today. I'm looking forward to them adding support for deposits and withdrawals. I probably won't use the service before then.
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We are currently operating within a managed custody model. Our goal is to provide a secure and simple solution for those looking to buy crypto. As a trusted custodian, Fidelity Digital Assets manages the private keys for accessing any crypto you purchase.
I'm surprised Fidelity didn't bow to political pressure and put its plans on hold. I hope their involvement remains solely with bitcoin.
They released this paper in January of this year about why investors need to consider bitcoin as different than other digital assets. So I think they've planned for bitcoin surviving. I hope.
Thanks for the link
They’ll likely expand into other crypto assets at some point. They’re at least timing it right, which will allow their investors to start allocating into btc at the bottom of this cycle.
Maybe not. Fidelity has famously a rather wealthy customer base with stock market experience. These people know that winner takes it all. They are more likely to be Botcoin only and only a smaller part of the portfolio 😆😆
I'm assuming that Fidelity won't let you withdraw to your own wallet yet. Has anyone heard if they have plans to allow for self custody soon?
There’s no need for withdrawals right off the bat. Many if not most who invest with fidelity aren’t concerned with being their own bank. It’s a different mindset. People with these firms also aren’t cashing out after they see some gains after a few years. It’s 30+ years grinding away through every cycle. Some are more savvy than others as it will always be and I am generalizing.
I'd be very surprised. But they are probably better insured than at FTX or so 😂😂
There is still a waiting list, but some who signed up earlier are getting access -- as early as last week.
Fidelity Crypto℠ | Get on the early access list for investing & trading Bitcoin and Ethereum https://www.fidelity.com/crypto/trading
Example:
https://twitter.com/JEhrenhofer/status/1595150404127318016 [Nitter]
Is there any indication they plan to allow withdrawals? Or is this gonma be like a venmo-style 'buy bitcoin' program?
It's probably just them holding a ton of GBTC or BITO, meaning they don't have any actual bitcoin to withdraw.
https://twitter.com/Fidelity/status/1597367999983661057 [Nitter]
https://twitter.com/Fidelity/status/1597414222987956226 [Nitter]
Then this 'development' means nothing, unfortunately.
Another article on this is found on The Block:
Ready to trade? Fidelity finally opens retail crypto accounts https://www.theblock.co/post/190286/ready-to-trade-fidelity-finally-opens-retail-crypto-accounts 12ft proxy
Thanks for sharing