Fidelity Investments CEO ‘super excited’ about Bitcoin

Fidelity’s CEO says the company’s retention business is doing incredibly well and is poised to open up Wall Street to cryptocurrencies. He believes new features such as the Lightning Network will push Bitcoin to the top as decentralized finance takes root.

The president and CEO of one of Wall Street’s biggest mutual fund giants is “very excited“about Bitcoin’s future. Abigail Johnson explained in a recent interview that she believes Bitcoin has a great future ahead of it with new features such as the Lightning Network. Johnson speaks during an interview with American financial news organization Barron’s.

“SOME OF THESE DECENTRALIZED FINANCE CAPABILITIES HAVE BEEN TALKED ABOUT SINCE EARLY ON, BUT THEY ARE REALLY STARTING TO RECOVER. AND THINGS LIKE THE LIGHTNING NETWORK THAT WILL HELP FACILITATE THAT ARE STARTING TO BECOME REALITY, ”HE SAID. BARRON TO BEVERLY GOODMAN.”

Fidelity, a $ 3.3 trillion investment fund, was one of the earliest Bitcoin backers on Wall Street. At the time, many Wall Street companies were either avoiding Bitcoin, or some, such as Jamie Dimon, JPMorgan’s chief executive, were calling it an overt hoax.

Fidelity, led by Abigail, launched custody of the cryptocurrency in October last year, becoming the first major financial company to go into space. When Fidelity joined the market, Johnson announced that the firm would target institutional investors and other hedge funds looking to get into Bitcoin. Fidelity, as he himself has stated, would rely on its current relationship with independent advisers to target its clients.

Now, as the CEO explained, Fidelity’s stake in Bitcoin has made a big profit.

”RIGHT NOW, OUR RETENTION BUSINESS AROUND BITCOIN HAS BEEN INCREDIBLY SUCCESSFUL. WE HAVE A TREMENDOUS PIPELINE AND IT WAS REALLY EXCITING TO WATCH.”

All In Bitcoin
Cryptocurrency custody has exploded over the past few years, with Fidelity, Coinbase, BitGo and others leading the way. For Johnson, this surprised him as cryptocurrencies gave their users freedom from older institutions.

If you had originally asked me if we or anyone else would prioritise bitcoin surveillance, I would have said, ‘No.’ I mean, it’s the opposite of everything.

In a 2019 interview with the Financial Times, Johnson explained that he was not concerned about competition from cryptocurrency-focused depositors. Coinbase described his detention as “still a company that most people have never heard of and does not have existing relationships with independent advisers.”

Fidelity will continue to fill the gap between the legacy financial industry and the cryptocurrency industry. The company has” people who live, breathe and work on cryptocurrencies full-time.”

The Boston-based company backs up its statements with actions. It recently partnered with BlockFi, a cryptocurrency lending initiative, to allow its international customers to commit Bitcoin as collateral against cash loans. The target is Bitcoin owners who want to convert their BTC into cash without selling it.

Tom Jessop, president of Fidelity Digital assets, explained in an interview with Bloomberg that his customers have largely embraced Bitcoin. According to the company’s research, 36% of its customers hold Bitcoin in their portfolios.

Join our Telegram Channel coinputin for latest cryptocurrency news and discussions..