Banks investing in crypto!
Yesterday market cap was steady at 200 billion but once news broke out that fidelity investment make available crypto trading on its platform the whole market ran up a bit.
There is more adoption to the crypto market which is a good thing. What is interesting with this story is the fact that a bank that holds 7.2 trillion in assets is willing to also hold crypto for its investors. Imagine having your crypto held by fidelity and if something like a hack would happen your backed by fidelity. Who needs another crypto wallet?
Of course we are a long way from full adoption. As fidelity currently will only trade and store bitcoin. Not sure of the other cryptos. It is still nice to see more money is available to trade crypto and potential for huge gains in the future.
I certainly hope more big players come. I'd hate to see it but more banks and regulatory factors may be a big boost to cryptos legitimacy (even though we know what's up). I personally wouldn't trust any organization like that to hold my money. Much like an exchange. If it's in their possession, then it's really not yours. I believe the main reason people use banks today is mainly for money transfer. If crypto brings that to people most banks and institutions may go under. It's obviously still super speculative but it's pretty exciting. Didn't think these talks would happen till year 30+
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You make a good point about havibg crypto held by a centeralized organization. It will also let the government know who is holding crypto and track some transaction. Some investors like the fact that they can hold crypto without the government knowing their business.
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Great news!
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