By
Bhushan Akolkar
May 14th, 2024
One of the most prominent Wall Street names, Fidelity Investments, still believes in Bitcoin and continues to mine it.
Though some people still believe that financial institutions and other big corporations are not interested in Bitcoin and altcoins at all, it’s not true. According to the recently revealed information, one of the most prominent names on Wall Street, Fidelity Investments, has BTC and still continues to mine it.
Fidelity Investment is the US-based multinational financial services corporation. It is known to be one of the leaders in offering such services as investing, brokerage and retirement plans. And now it really seems that the company has a lot of expectations around the future of cryptocurrencies.
Fidelity Investments and Crypto
Bitcoin developer Justin Moon has revealed that Fidelity has been investing in Bitcoin for a while now. At the current moment, it has a “room full of Bitcoin miners (ASICs)” at its Texas office. The fact that the company has its own host of mining rigs means that the team views BTC as an asset with high potential.
BTW Fidelity has a room full of bitcoin miners at their office. Cypherpunk AF!
— Justin Moon (@_JustinMoon_) May 25, 2019
It’s the first time when it has become known that such a huge Wall Street institution is mining BTC itself and is an active participant of a public blockchain.
Nevertheless, it’s not the first time when the involvement of Fidelity in the cryptocurrency has become known. Earlier, the journalists have revealed that the company’s CEO Abigail Johnson is highly interested in BTC. She has been mining Bitcoin in her own office since 2015.
Moreover, it’s worth mentioning that the company doesn’t seem like trying to hide its interest in cryptocurrencies. For example, some months ago, Ari Paul, founder and chief investment officer of BlockTower Capital, posted an interesting tweet. He shared with his followers that Fidelity’s team is comprised of crypto enthusiasts.
According to him, at every level of seniority at the firm, you can find hundreds of passionate cryptocurrency advocates. And the total number of people working on crypto at Fidelity is much higher than at the 5 biggest crypto funds combined.
Impact on Bitcoin Price
Fidelity is gradually introducing its crypto custody services which helps the company’s huge network of institutional clients enjoy new opportunities in the crypto sphere. Some analytics even have an opinion that the recent increase in the price of BTC and the rise of BTC trade volumes could be at least partially related to a new wave of institutional investment.
Given this fact, it can be quite sensible to anticipate the continuation of this positive trend in the upcoming months. There are at least two events that could have their impact on these parameters. The first one is the expected launch of Fidelity’s crypto trading service. It is said to take place quite soon. And the second one is the launch of ICE’s Bakkt platform that is scheduled for July.