Abigail Johnson, the current CEO of Fidelity Investments, is a fan of cryptocurrencies and sees great potential in various blockchain products. However, the company is known for its slow and methodical approach to all financial affairs. Fidelity Investments is one of the biggest fund management and investment corporations that also offers a wide range of brokerage services. Recently, it started offering bitcoin trading, but its latest announcement is even more bullish.
Fidelity will start offering Bitcoin to their 401K clients and create several new products based on cryptocurrencies. With over $4.5 trillion in assets under management and just under $12 trillion in assets under administration, this brand is one of the biggest names in the world of financial investment and advice. Its leadership believes that expanding into the crypto market is a good idea.
We have many good signals that the crypto industry is in good shape. The hash rate is close to ATH as well as mining difficulty on the two biggest networks. The dip after reaching an all-time high of $69K is interpreted by many experts as a starting point for a massive Bull Run in the nearest future. Many companies seem to be anticipating it. For example, BlackRock has a special Bitcoin fund and many other products that will expand its presence in the crypto market.
Fidelity Investments joining the ranks of BlackRock and JPMorgan seems to be a reassuring move that promises a strong growth of Bitcoin. Retail traders will be able to trade BTC and ETH on the Fidelity platform while pension fund owners may start investing in Bitcoin now to enjoy returns in the long run. Many clients of Fidelity may retire as millionaires if they act now.
In general, the arrival of such large institutions to the crypto industry is a big indicator that more people see cryptocurrencies as valuable investments that deserve attention and can be profitable in the future. The fact that one of the most respectable companies offers Bitcoin as a destination for 401K means that experts think that the asset will be appreciating over time.
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