Fidelity’s Institutional Crypto Services Launch Could Easily Boost Bitcoin’s BTC/USD Value by $2K+
According to a recent report released by Bloomberg on May 6, Fidelity Investments, which began offering a custody service for Bitcoin (BTC), will offer cryptocurrency trading in just a few weeks. The firm will make purchases and sales of the most popular digital asset available for larger investors and institutional clients. According to some experts, these new investors could help Bitcoin surge $2,000 in the near future.
Bitcoin Could Grow $2,000
At the moment, it is not clear whether Fidelity will start offering spot market trading, an over-the-counter (OTC) solution or a liquidity aggregator for clients. Arlene Robers, a company spokesperson, explained that the service will be focused on Bitcoin.
On the matter, she commented:
“We currently have a select set of clients we’re supporting on our platform… We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors.”
In a recent survey conducted by Fidelity, 47% of U.S. institutional investors believe that cryptocurrencies will play an important role in their portfolios. At the same time, of this group, 72% said that they would be comfortable holding digital asset funds such as Bitcoin ETFs or Grayscale’s GBTC. That shows that institutional investors are really interested in purchasing digital assets and having them on their portfolios.
According to Mati Greenspan, eToro’s cryptocurrency expert and senior market analyst explained that investors should keep their eyes on this development. This is very important because these investors could have an impact on Bitcoin of $1,000 or $2,000 “easily.”
In the last 24 hours, most of the cryptocurrency market is operating positively. At the time of writing, Ethereum (ETH) is the best performing digital asset with a price increase of 8.4%. Bitcoin is also growing 4.35% and it is being traded around $5,959. Litecoin (LTC) is also performing positively expanding 4.38% during the same period of time.