According to The Wall Street Journal, Fidelity customers may soon be able to purchase Bitcoin through the company’s brokerage platform.
The newspaper reported on Monday that Fidelity, one of the biggest fund managers in the world with over 34.4 million retail accounts, is planning to offer Bitcoin services to its investors.
According to the Journal, the company has not officially informed its customers of the plans. Fidelity’s retail customers can manage their investments using a mobile application.
Fidelity has been exploring the world of cryptocurrency for some time. In April, Fidelity, the largest provider of 401(k) savings accounts in the United States, launched a product that allows employees to save up to 20% of their retirement funds in Bitcoin.
In addition, the company introduced two new exchange-traded funds (ETFs) this year that give clients access to businesses in the cryptocurrency and metaverse sectors. It has also submitted a request to the SEC to start a Bitcoin ETF, which, if approved, would provide investors with direct access to the digital asset.
According to Jurrien Timmer, Fidelity global macro director, Bitcoin, the largest cryptocurrency by market cap, has a “unique advantage over gold.”
He said, “Bitcoin is gaining credibility, and as a digital analog of gold but with greater convexity, my guess is that bitcoin will, over time, take more market share from gold.”
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