Last week, investment management firm Fidelity announced it would begin offering bitcoin custody and other products in March 2019.
The products will include storage (custody) for large clients such as hedge funds and family offices. This service will help large institutional investors ease into the crypto space—and bring trillions of dollars along with them.
Fidelity—one of the world’s largest financial firms with $7.2 trillion in assets under management—won’t make its new crypto products available to retail investors like you and me right away… But they’re coming soon.
This shouldn’t be surprising… Wall Street always gives its favored clients first access to the good investments.
Don’t believe me? Try getting an allocation in the next hot initial public offering (IPO). If you’re not in the “know,” chances are you’ll be left out.
But I’m not writing today to tell you about the tidal wave of institutional money headed into the crypto space.