90% Of Fidelity’s Biggest Clients Are Asking About Bitcoin

Bitcoin has become the main focus for the digital assets division of Fidelity Investments. In an interview with the Boston Globe, Christine Sandler, head of sales and marketing for Fidelity, said that 90 percent of Fidelity’s biggest clients were asking about Bitcoin.

Tom Jessop, president of the digital asset business unit at Fidelity, told the Boston Globe that the company is making a long-term play on the emergence of a new kind of financial infrastructure around Bitcoin.

On the growing institutional adoption of Bitcoin Jessop said, “You’re seeing the emergence of a real asset class.”

When asked about supporting other altcoins Jessop responded, “I don’t think we’ll ever be the most full-service provider, in terms of asset coverage.” Fidelity currently mines and custodies Bitcoin for institutions for its “safety, soundness and security.’

Christine Sandler continued, “We’re dealing with the more traditional investors, and the entry vehicle to this space is largely bitcoin,” But she added that the interest for altcoins is “not anything close to what we see in bitcoin.”

On institutions increasingly turning to Bitcoin for a sound hedge against inflation, Jessop commented, “What really got people off the fence was the pandemic, because you’ve got this scarce asset class — there will only ever be 21 million bitcoin created — and an environment where our currency is being debased, and there’s a ton of money printing.”