Anthony Pompliano: Fidelity to offer clients option to trade in top cryptos


  • Fidelity will concentrate on the cryptocurrencies by market cap. 
  • Pompliano also shared his thoughts on the recent Binance hack.

Co-founder of Morgan Creek Digital and well-know crypto celebrity Anthony Pompliano said that Fidelity will facilitate the trade of leading crypto assets such as Bitcoin, Ethereum, and XRP to their customers. Financial powerhouse Fidelity is only offering Bitcoin trading to selected clients presently. 

Fidelity had stated that the company would continue to roll out their services over the coming weeks. Pompliano said in an interview that Fidelity will concentrate on the cryptocurrencies by market cap:

“When it comes to trading, you have to remember that most of these institutional investors are not financial organizations, but we’re talking about pensions, endowments, foundations, sovereign wealth funds.

They don’t think about the bottom 99% of these crypto assets. They’re thinking about Bitcoin and maybe you get into like a Bitcoin or XRP, right? The ones that are top of mind for them are these large market cap assets. And so, I think with Bitcoin that’s a natural place for them to start. They may add two or three others but I wouldn’t expect them to go outside the top five assets in terms of trading.”

Pompliano also discussed the recent attack on Binance’s fund, stating that the Bitcoin network itself was not hacked:

“There’s a couple things to really clarify here. So, Bitcoin wasn’t hacked, the blockchain wasn’t hacked. Binance, a private company, was hacked. It was out of a hot wallet, the cold storage was not touched. About 2% of all funds under management it looks like were actually taken.

That is a less secure way to store funds and I think that this is a great reminder to people in the community that – not your keys, not your Bitcoin. We’ve got to understand that in the fiat world, there’s 3,000-plus bank robberies that happened in 2018. So there’s over eight bank robberies every single day just in the United States. There’s going to be bad actors who do bad things in these industries and all we have to keep in mind is this stuff happens, but it will pass and we’ll get through this as an industry.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Polkadot: Must reclaim key level for a chance to see new all-time highs

Polkadot price is contained inside a symmetrical triangle pattern on the 4-hour chart. The digital asset faces a key resistance level which could be the key to new all-time highs. Investors are interested in Polkadot as a potential alternative to Ethereum in the long-term.

More Polkadot News

VeChain: Edges closer to a breakout

VET price is consolidating in a descending parallel channel on the 1-hour chart. A decisive close above $0.048 will signal a breakout from the consolidation pattern and trigger a quick 5.65% upswing.

More VeChain News

Ocean Protocol’s latest developments could provide OCEAN price tailwind for a 60% upswing

Ocean Protocol announces a collaboration with Benchmark protocol to expand the DeFi data economy. Now, it's price needs to reset before it goes on a 60% bull rally to new highs.

More Cryptocurrencies News

Fundamentals grow strong despite crypto market-wide correction

Kraken CEO believes Bitcoin will hit $1 million. Leading brokerage firm Charles Schwab is planning to roll out crypto trading services.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP