Fidelity May Let Individuals Buy Bitcoin – Bitcoin Magazine

Fidelity May Let Individuals Buy Bitcoin - Bitcoin Magazine
  • Individual investors may soon be able to purchase bitcoin through Fidelity Investments, which is evaluating the move.
  • Through the company’s online brokerage platform, investors would have the opportunity to acquire the asset.
  • Over 34 million individual investors are currently using the platform provided by Fidelity.

According to a report from the Wall Street Journal, Fidelity Investments is apparently exploring enabling private clients to invest in bitcoin on its brokerage platform. This information comes from the report.

An investor study named Bitcoin First was previously produced by the pro-bitcoin financial organization. The purpose of the report was to establish the reasons why investors should consider investing in bitcoin before any other digital asset. Now, Fidelity is working on ways to make this investment vehicle available to the more than 34 million individual clients it serves.

In 2018, Fidelity developed a trading platform that was available to institutional investors and hedge funds. More recently, the company teamed with MicroStrategy to introduce its Bitcoin 401(k) plan (k).

Therefore, despite the fact that Fidelity has consistently demonstrated a pro-bitcoin stance for its institutional-grade customers, the 401(k) product enabled the financial behemoth to continue catering to a bigger audience while simultaneously placing bitcoin in the hands of everyday people.

On the other hand, this unwavering support for bitcoin has attracted the attention of lawmakers, which is not desired. Fidelity was criticized in an open letter written by bitcoin skeptics in July for promoting its 401(k) program. The letter was published online.

In point of fact, one particular sentence from the letter demonstrates precisely how some legislators in the United States feel about the possibility of the working class having access to bitcoin:

Why would Fidelity enable individuals who can save to be exposed to an untested, highly volatile asset like bitcoin when saving for retirement is already a hardship for so many people in the United States? “This begs the question.”

In spite of the widespread use of bitcoin as both a medium of exchange and a reliable store of wealth, it is abundantly obvious that legislators and legacy institutions are still having trouble comprehending or adopting bitcoin. However, one could say that Fidelity is ignoring the noise of the ecosystem and still delivering unique service offers. This is something that might be argued.