[2019-01-29]Fidelity to launch bitcoin custody service in March

1Referee

legendary

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Quote from: squatter on January 30, 2019, 03:40:45 PM

Eventually, I think legacy services like this will be important, perhaps when the next bull market rears its head and demand starts picking up again. I just don't buy the story that all this latent Wall Street demand exists that's about to buy into the market because of Fidelity.

They are in before most of you guys are in. They don't buy into hypes, thats what fools do.

What these legacy institutions are doing right now is set up platforms their clients can and will use, and whenever the time is right, they will offer you a platform, and the coins to sell you they bought at way lower levels. Institutions rightfully wait for competent and known entities to launch these platforms, because they can't be bothered to touch any of the currently existing crypto platforms operated by a bunch of baboons.

Whenever the next bull run is doing its thing, they are ready to short the crap out of it, not buy into it. Wink

squatter

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STOP SNITCHIN'

Quote from: 1Referee on January 30, 2019, 08:20:37 AM

Quote from: squatter on January 30, 2019, 05:52:00 AM

To hear bulls tell it, institutions have been waiting for reputable institutional-grade custody before entering the market. I'm skeptical about that myself, but it looks like we'll find out soon.

What's there to be skeptical about?

Because we already know it's not true. Wall Street has been involved with Bitcoin for several years now. Fidelity themselves has been mining Bitcoin for nearly 4 years -- I guess they couldn't wait for custody services. If institutions really want exposure to this market, they're not dumb enough to wait until years go by and someone like Fidelity offers custody services. They're already here.

Quote from: 1Referee on January 30, 2019, 08:20:37 AM

It's extremely bullish, because there is a plenty of demand for legacy institutions to offer these services.

That's what I'm skeptical about. You make it sound like there's all this latent demand just waiting to enter the market. How do you know? Blackrock and Morgan Stanley have said exactly the opposite -- that their clients have shown little to no interest in Bitcoin investment. Increased market access doesn't equate to increased market demand.

Eventually, I think legacy services like this will be important, perhaps when the next bull market rears its head and demand starts picking up again. I just don't buy the story that all this latent Wall Street demand exists that's about to buy into the market because of Fidelity.

pixie85

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Quote from: joniboini on January 30, 2019, 05:04:31 AM

Nice. More hopium for the moon boys to see Bitcoin cross $10k this year. But the sentiment doesn't change that much though, maybe it will require more than just news before the pump can happen.

I wonder how long will they got delayed like Bakkt, or ETF. Hopefully, the market will mature enough and won't move when they announce the delay of the launch.

It has to change at some point. When we were seeing 10000 dollars there were people saying the same thing about the bears. That they missed the boat and are hoping for cheap coins but there's no cheap coins coming but it took only weeks for the price to double and reverse. We could be seeing a big spike at any moment.

NeuroticFish

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Quote from: 1Referee on January 30, 2019, 08:20:37 AM

there is a plenty of demand for legacy institutions to offer these services

Exactly. We are in the middle of an accumulation period of the markets. The service looks good and the timing for launching it is also much better than many would think.
Nice news Wink

1Referee

legendary

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Quote from: squatter on January 30, 2019, 05:52:00 AM

I'm skeptical about that myself, but it looks like we'll find out soon.

What's there to be skeptical about? Even most of the elite Bitcoiners have been trying to spread the risk of self storage for quite a long period of time. Some store a chunk of their holdings in bank vaults, have Xapo do it for them, have Coinbase do it for them, etc. I put more confidence in a player like fidelity to take care of storage than any of the already existing crypto platforms.

It's extremely bullish, because there is a plenty of demand for legacy institutions to offer these services. I'm certain that eventually, fidelity will take care of the buying and selling side for clients too, because that's the most logical step moving forward.

Good launch date given the current market sentiment and price. If traditional bobos will be looking for an entry point, the coming months will turn out to provide that opportunity.

squatter

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STOP SNITCHIN'

With Bakkt on the back burner for now, it looks like Fidelity will be the first legacy player offering Bitcoin custody services. To hear bulls tell it, institutions have been waiting for reputable institutional-grade custody before entering the market. I'm skeptical about that myself, but it looks like we'll find out soon.

While searching for more info on this, I noticed ErisX is positioning itself to compete in both the spot and futures markets too. It recently raised funding from Fidelity, Nasdaq Ventures, Monex (TradeStation), TD Ameritrade and others.

The dinosaurs are coming...

joniboini

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Nice. More hopium for the moon boys to see Bitcoin cross $10k this year. But the sentiment doesn't change that much though, maybe it will require more than just news before the pump can happen.

I wonder how long will they got delayed like Bakkt, or ETF. Hopefully, the market will mature enough and won't move when they announce the delay of the launch.

ppblockchain

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Fidelity Investments is targeting a March launch date for its bitcoin custody service, according to three people with knowledge of the matter, as the mutual-fund giant moves forward with a plan that could help ease fears of trading cryptocurrencies.

In October, the Boston-based firm announced it would offer a range of crypto products designed for large investors like hedge funds.

Read more : https://paperblockchain.com/fidelity-to-launch-bitcoin-custody-service-in-march/

Topic: [2019-01-29]Fidelity to launch bitcoin custody service in March (Read 170 times)