Fidelity Starts Bitcoin Index Fund

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Last Updated on 27 August 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Fidelity Investments, a household name in corporate American finance, has announced it will start a Bitcoin investment fund, led by a senior strategist. Both crypto analysts and household financial names are enthusiastic as yet another Wall Street titan decides to enter the world of crypto.

The Securities and Exchange Commission filing of earlier this week showed that Fidelity will name the fund “Wise Origin Bitcoin Index Fund I, LP” and that it has put a threshold of $100,000 minimum for the buy-in, clearly aiming at Wall Street corporate investors.

Peter Jubber, head of strategy and planning at Fidelity, stated when asked about the dangers of trading crypto, that:

Every incumbent should be spending time and money on this topic to understand it, at least to understand the threat.

But I think there’s just a massive opportunity.

Of course, with both Grayscale making massive headway with their earlier Bitcoin fund and Paul Tudor Jones, the legendary fund investor entering the crypto market earlier this year, it was abundantly clear that other major firms would follow suit.

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Binance support

A highly noted mark of support for Fidelity’s change of heart in this matter came from Changpeng Zhao, CEO of Binance. He stated that “they are finally waking up”, pointing towards the fact that the number of Wall Street giants that have entered the crypto sphere this year has surged with every month.

>> Receive a 20% life time discount on all fees at Binance

Many media titles in the crypto sphere are therefore wondering whether mainstream adoption is near?

Just yesterday, JP Morgan, still America’s biggest bank, sold their blockchain platform Quorum to ConsenSys, while a month ago they opened the doors to both crypto platforms Gemini (of the Winklevoss twins) and Coinbase of Brian Armstrong.