Fidelity will offer investors to add BTC to their retirement accounts later in 2022 which is a first for this major company and one of the biggest asset managers in the world as we can see today in our latest Bitcoin news.
Fidelity will offer investors a chance to add BTC to their 401K retirement accounts and the reports show that the asset manager stated that some of the administrators plan to offer employees means of investing in BTC via dedicated digital asset accounts. Fidelity has $4.2 trillion worth of assets under management and speaking on the matter, Dave Gray the company’s head of workplace retirement offerings said:
“Fidelity believes that blockchain technology and digital assets are going to be a much larger part of financial industry’s future.”
Fidelity also revealed that MicroStrategy will be the first customer for the new product and that this doesn’t come as a surprise given the software giant holds about 130,000 BTC ont the corporate balance sheet and the company will also start offering the BTC account in the 401K later this year. The investment company also said that it aims to expand the accounts and reach more sponsors towards the middle of the year while stating that the employees that can put up to 20% of their 401K balance into the new accounts.
As recently reported, Fidelity Director Jurrien Timmer explained why the Bitcoin price will continue increasing and compared it to Apple even. Despite being quite different, Bitcoin could copy Apple’s market expansion and the price increase in the upcoming years as the Fidelity Director Explained. Timmer doubled down on his bullish forecast regarding the BTC’s future and predicted that the asset’s price could increase dramatically in the following years repeating Apple’s shot to dominance. The notorious volatility of the crypto market remains a huge obstacle for investors to enter the space and gives critics reasons to bash the industry. Bitcoin traded between $30,000 and $69,000 but many of the proponents attributed the enhanced price fluctuations to the fact that it is still in the early days of existence.
Timmer opined that the main cryptocurrency’s demand curve is heading up to the right and compared it to the growth of Apple’s rise to network supremacy. He pointed out that the tech giant’s sales surged by 53 times since 1996 and the market value experienced a 1699-gold growth while the shares prices grew by 1457 times as Timmer added.
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