Fidelity, an asset management corporation, has quite a few rumors about it. Many have heard these rumors about their planned affiliation with the crypto space.
The Crypto market, as the majority know, has bitcoin at its forefront. Bitcoin has been downtrend since 2021, pulling all other altcoins down.
The total crypto market cap is about $1.11 trillion: a significant drop of -49% from its highs in mid-2021. That of bitcoin is currently about $425.66 billion.
Fidelity is the largest asset management company in the world. The company is worth about $4.2 trillion and has a retail investor base of about 34.4 million participants.
If these rumors are true and Fidelity plans to incorporate crypto into their list of offerings, it might just be the jumpstart the crypto market needs. Seeing as the company has the numbers and is easily worth four times the global crypto market cap.
While Fidelity hasn't confirmed these rumors that it will launch bitcoin retail trading yet, the firm has stated that "maintaining broader access to digital assets" is one of its primary objectives.
Galaxy Digital is a financial asset and investment management company that engages in crypto and other blockchain technology sectors. And according to its CEO Mike Novogratz, Fidelity is indeed working towards offering bitcoin trading services to its patrons.
Fidelity has not confirmed or denied this, but Novogratz, in a New York conference, told the audience that a move in this direction might just be around the corner.
As of recent, Novogratz isn't the only one to have mentioned something like this. The Wall Street Journal also mentioned that Fidelity was "weighing a plan" to offer bitcoin trading options to its users.
Michael Van De Poppe also shared similar thoughts on the issue via a tweet, suggesting that Fidelity's 'plans' may come to fruition in November.
While addressing the rumors, Fidelity itself mentioned that while they have nothing new to announce, expanding its offerings to accommodate broader access to digital assets is still very much in view.
Fidelity, as some know, has been mining bitcoin since 2015. They are active crypto community members, apparently pushed by growing demand from their patrons to launch a platform that grants access to crypto investment opportunities.
If these rumors about them offering bitcoin trading options happen to be true, then that would mean a good percentage of all 34 million Fidelity users now have access to bitcoin and can contribute to pushing the price upward.