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17 January 2021

Fidelity: Bitcoin's Institutional Adoption Is Having a ‘Watershed Moment’ - Decrypt

Fidelity: Bitcoin's Institutional Adoption Is Having a ‘Watershed Moment’ - Decrypt


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Despite—or ratherthanks to, paradoxically—the global economic woes caused by the coronavirus pandemic, Bitcoin and other cryptocurrencies are seeing a large push towards adoption from institutional investors, said Christine Sandler, head of sales and marketing at Fidelity Digital Assets.

“What we did see in 2020 was a broader adoption of that ‘digital gold’ narrative, it began to resonate with other pockets of institutional investors, namely hedge funds, ultra-high net worth individuals and subsequently family offices,” said Sandler, adding, “So we saw a broadening of the base in terms of the types of clients that we were seeing engaging with the ecosystem.”.

With a minimum entry level of $100,000, this offering will also be geared toward institutions and accredited investors that can’t get exposure to Bitcoin directly for some reason, said Sandler.

At the same time, it is “unlikely” that Fidelity would offer its clients Bitcoin futures service—at least in the near term.

Touching on Bitcoin exchange-traded funds (ETFs)—an initiative that was proposed several times by various companies and repeatedly shut down by the SEC—Sandler said that it would be “fantastic.” Such funds, when or if they are launched, would offer traditional investors almost instant access to Bitcoin and would probably see high demand?

While we’re still talking about a nascent industry and ecosystem, I do think that a Bitcoin ETF would be met with great, great praise,” said Sandler.

Despite the recentlaunch of Ethereum 2.0, Sandler said that while Fidelity’s clients show interest and seek access to Ethereum “on occasion,” the predominant institutional narrative is still focused mostly on Bitcoin.

Given the pace at which cryptocurrencies are being adopted, Fidelity might even open its services to retail investors at some point, Sandler said, adding, “We think about it all the time.”

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