With Fidelity announcing yesterday it would make crypto trading available to its 13,000 or so institutional investors, cryptocoin markets rejoiced. Yes indeed, Bitcoin ready for the big leagues is big news.
Named Fidelity Digital Assets, the Boston-based LLC will deliver enterprise-grade custody solutions, a cryptocurrency trading execution platform and institutional advising services 24x7in tune with blockchain’s always-on trading cycle.
With Fidelity Digital Asset clients being onboarded now with wide availability scheduled for early next year, the launch of the subsidiary with 100 employees marks quite possibly the largest foray into cryptocoins by an institutional asset manager to date.
Bitcoin climbed by as much as 10% on the news lifting from roughly $6100 back to to $6500 territory where it has been virtually stuck for a month or so. Today, Galaxy Investment Partners founder Mike Novogratz expressed confidence in more institutions adopting Bitcoin trading.
While 2018 has not panned out to be the Bitcoin panacea many of the bulls predicted, Bitcoin ready for the big leagues is welcomed news as it seems the world’s first and most valuable crypto currency is set to takes its place center stage in the big time.
It is widely believed that large investors – both retail and institutional – are sitting on the sidelines with a wait-and-see mentality. We’re happy to see Fidelity take the bull by the horns with this bold move and hope this is just the first sign of more things to come for Bitcoin between now and the end of end 1st quarter 2019.
More time is required for momentum to build to take Bitcoin prices higher, and the long-anticipated wave of institutional investors piling into the cryptocurrency space is seen as starting next year. Whatever happens next and when, Bitcoin ready for the big leagues is something you can be sure of.