It's been a while since I've read such a positive piece of information in the sea of FUD we are swimming in for the past couple of months. The crypto markets has been bleeding for more than half a year, causing a wide spread panic and distress amongst "investors". Being the thoughtful HODLER I am, I wanted to share this news with you so that maybe, at the end of this post, you won't have such a negative outlook on the state of your portfolio or the crypto space in general.
Wall Street Financial firms
And other financial service providers worldwide, are slowly but surely getting attracted to cryptocurrencies and the possibilities they offer. The list of such firms starting to offer crypto services is getting longer by the day. The latest one to join the club is a Boston based financial services corporation, Fidelity as it announced an institutional-grade platform for custody of digital assets such as Bitcoin and Ethereum, in an Oct 15. press release.
To bring this into perspective
The whole crypto market at the time of publishing, every cryptocurrency included, equals to about 211 billion USD in market cap. Fidelity, the fourth largest asset manager in the world has $7.2 trillion in assets under their administration.
Their new company
Fidelity Digital Asset Services will offer enterprise-quality custody and trade execution services for digital assets, commonly referred to as cryptocurrencies, to sophisticated institutional investors such as hedge funds, family offices and market intermediaries.
Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors.
By targeting institutional investors like “hedge funds, family offices and market intermediaries, Fidelity Digital Assets will inevitably have a major positive influence on the crypto space. And by focusing on providing a “secure, compliant, and institutional-grade omnibus storage solution for bitcoin, ether and other digital assets. They will instill trust in their investors and further hammer in the legitimacy of cryptocurrencies into the fabrics of society.
NOTE: That, by moving only a tenth of the funds under their liability into cryptocurrencies, Fidelity Digital Assets would massively affect the crypto markets. Altcoins going 5x, or even 10x wouldn't be a strange sight to see if that was the case. I think I do not have to go any further into explaining what a possitive influence this will inevitably have on cryptocurrencies and their adoption as a speculative investment and a store of value.
This is the kind of news we've been waiting for
From the traditional financial giants and those alike. I'm glad we are finally getting that positive feedback from the "old-school" centralized solutions. Reaffirmation of cryptocurrencies as a legitimate form of investment from such a reputable financial service provider as Fidelity, is exactly what we need right now, in this FUDdy times.
A lot of people have driven away by losses
Especially in the last couple of months. Caused by buying in the hype and selling in the dip, some of these so-called investors have lost everything. FUD is the term of the last 6 months. For some, the term of the year but, for me, it is HODL so I'm not affected by the negativity of first time investors.
I hope this piece of news diminished the FUD you are feeling and that it reassured you about the inevitable rise of cryptocurrencies over useless peices of paper that fiat currencies are.
Remember that
All fiat currencies, only have value because we believe they do. We think that we will be able to buy the same amount of goods for the same amount of money tomorrow, as we did today. That will be far from truth in the next couple of years when they crash and hyperinflate to their true value of the paper and ink used to create them.
When this finally happens, crypto prices will soar to hights unimaginable ever before.