AdoptionBitcoin PriceCointelegraph.comCryptocurrenciesInvestments

Most asset managers still in ‘education mode’ on crypto, says Fidelity

Michael Derbin, head of Fidelity Institutional, says that while some wealth managers are by now “sophisticated” and “comfortable” with crypto, many others are still playing catch up.
Michael Derbin, head of Fidelity Institutional, thinks that many wealth managers and financial advisors still lack the requisite in-depth knowledge when it comes to digital assets.Whereas some wealth managers are by now “sophisticated” and “comfortable” with cryptocurrencies and their underlying technology, he said, many others lag behind. In an interview at Reuters Digital Asset Week, Derbin noted:“They know what they are doing, and more importantly their end investor base also knows what they are doing — but the vast majority are still in the education mode.”Fidelity Institutional is a division of Fidelity Investments, whose $9.8 trillion in client assets (as of the end of 2020) make it one of the world’s top investment managers. It has also been one of the first to take cryptocurrencies seriously, launching a subsidiary focused on the new asset class back in fall 2018. While the knowledge gap remains among financial managers, Derbin stressed that demand for digital assets among larger investors has increased. Tesla and Bank of New York Mellon are just two of the latest household names to venture into the crypto space, during the course of a historic bull season for Bitcoin (BTC). Over the past year, the top cryptocurrency has soared in value by over seven-fold and was trading as high as $61,200 earlier this month.Back in October 2020, Fidelity Digital Assets published a report forecasting …
Story continues on Cointelegraph

Related posts
Cameron WinklevossCointelegraph.comCryptocurrenciesCryptocurrency ExchangeGeminiWinklevoss twins

Gemini exchange’s crypto custody doubled since January, reaching $25B

Gemini Custody has quickly emerged as a leading platform for institutional investors. The Tyler and Cameron Winklevoss-owned Gemini exchange announced a major milestone on Tuesday, as total cryptocurrency held in custody surpassed $25 billion for the first time. In charting its…
bitcoin regulationCointelegraph.comGovernmentPoliticsregulationUnited States

Ohio senator wants clarity for crypto tax reporting in proposed bill

Senator Rob Portman said lawmakers were “still pulling in information” on crypto to formulate the bill, implying he announced it to the public prematurely. A Republican lawmaker from Ohio is preparing legislation that would reportedly be aimed at preventing U.S….
Binance CoinCointelegraph.comFTX TokenHuobi TokenMarketsOKExPrice analysis

Exchange tokens bounce from key support levels as COIN looks for direction

Bitcoin’s sharp correction to $50,000 brought Binance Coin, FTX Token, OKex and Huobi Token to their lower support levels but data shows there is still a bullish case for exchange tokens. A lot of hype was built up before the…

BTCNN is for sale

X