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| The Biggest Move in Bitcoin Is Made By Fidelity Investments! |
Fidelity is one of North America's largest financial
service providers. They have just made a huge step towards Bitcoin adoption and
integration. Fidelity to allow Bitcoin in 401K retirement accounts. Fidelity's
new product will let Americans allocate as much as 20 % of their retirement
savings to Bitcoin. Why is this such a big deal? It's because Fidelity is literally the
largest in North America by the number of 40 Million individual investors. At Fidelity about 11.8 Trillion
assets under administration about 4.5 Trillion total discretionary assets about
2.8 Million daily average trades.
When you do well we do well as a privately held
company we use our investor's mindset to make sound judgments for the long term
for our customers and our business and to articulate. Why this is such a sound long-term
product to offer their 40 Million customers and Trillions of money under management.
Michael Saylor to clue us in as to why Bitcoin is first of all why would you
want to put it in your retirement account, and second, what are the advantages Bitcoins
digital property and that makes it the perfect asset for a retirement plan.
It's less risky than bonds than stocks than you know
commercial real estate than gold. It was kind of built for this most people buy
Bitcoin. They want to give it to their grandchildren and their great-grandchildren, so I think Fidelity's put their finger on an issue. There are 80
Million Americans that currently own or have owned digital assets 30 % of
institutions want to own these digital assets. A 401k plan is a pretty
common thing for Millions and Millions of workers to use to save. In order to protect their family interest and
this is going to uh fill an important vacuum in the investment product market
now.
I realize that Micro strategy is technically a tech company
but it is also the largest publicly-traded company uh in terms of Bitcoin
holding. So are you expecting many of your employees to actually adopt this
into the retirement plans, yeah there has been a lot of demand for this? They
have been asking for it for quite a while and so it is a technical challenge to
offer 401k savings plans and Fidelity has overcome that challenge by offering a
great product. So we are really delighted
to be able to offer it to our employees.