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Fidelity's increasing love for Bitcoin – Coinnounce

Fidelity’s increasing love for Bitcoin

The nascency and the challenges that surround the Cryptocurrency space has created a barricade around it. This barricade has hindered the mainstream adoption of Cryptocurrency by institutions in the world. In recent time,  there has been a gradual fall of the barricade as the venture of institutions started to take place in the industry. The love of Fidelity for Bitcoin has proven this.

A recent tweet of Justin Moon shows that fidelity investment has a room full of Bitcoin miner (ASICs) at their Texas office proves Fidelity’s love for Crypto. The tweet post stated that “BTW Fidelity has a room full of bitcoin miners at their office. Cypherpunk AF!” Fidelity investment is a wall street firms and is one of the world’s largest asset managers and financial institutions. This is a very rare thing to see in the Crypto space. Perhaps,  this is the first time that a wall street institution and one of the biggest names in the space will mine Cryptocurrency and actively participated in the renowned public blockchain.

Though Moon’s revelation is a rare thing to see in the Crypto space, it is an affirmation of an unending and unbreakable affection between the wall street firm and Cryptocurrency. This is not the first time the affection of Fidelity investment’s for Bitcoin will be reported. Previously,  in an episode of unconfirmed with Laura Shin, Tom Jessop, an institutional executive-turned-Fidelity’s crypto chief revealed that as early as 2015, CEO Abigail Johnson was mining Bitcoin in her very own office. Jessop also noted that an R&D division of the company even once tested an internal Bitcoin payments network.

Also, in March 2019, Ari Paul, the founder & chief investment officer of BlockTower Capital, noted in a tweet post that Fidelity has a Cryptocurrency culture that is “bonkers.” Paul explained in the tweet that; “Fidelity’s cryptocurrency culture is bonkers. Hundreds of passionate advocates at every level of seniority at the firm. They have more people working on crypto than the five biggest crypto funds combined.”

Thus far, Fidelity has launched custodial services and intends to launch trade execution for Bitcoin, and Bitcoin only. This is a big boost to the mainstream adoption of Cryptocurrency.

Joyce Lang

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