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Bitcoin Now Owned by Over Quarter of Major Institutional Investors: Fidelity's Survey

Tue, 06/09/2020 - 15:12
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Alex Dovbnya
A survey conducted by Fidelity Investments shows that every third major institutional investor owns cryptocurrencies
Bitcoin Now Owned by Over Quarter of Major Institutional Investors: Fidelity's Survey
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According to mutual fund behemoth Fidelity Investments, which boasts an eye-popping $2.64 trln worth of assets under management, more than 25 percent of major institutional investors that participated in its survey own Bitcoin, Bloomberg report.

This is a 36 percent increase compared to the start of 2020, which shows that big money is steadily flowing into the first-born crypto.    

Cryptocurrency Hedge Funds Remain Under Pressure Despite Bitcoin Price Recovery

Europe is more welcoming 

The Boston-headquartered company also noted that 11 percent of all polled institutional investors have already dipped their toes into Ethereum, the second-largest cryptocurrency by market capitalization.  

Overall, every third respondent owns at least one cryptocurrency or its derivative.  

Fidelity’s survey included close to 800 institutions such as pension funds, hedge funds, and family houses  

European institutional investors are more supportive of crypto compared to their U.S. counterparts (45 percent and 27 percent respectively).     

Fidelity’s push into crypto 

Fidelity Investments CEO Abigale Johnson is a vocal Bitcoin proponent who started tinkering with crypto mining as early as in 2014.

The investment giant went on to launch Fidelity Digital Asset Services, a separate cryptocurrency unit, back in October 2018 to tap into the growing appetite of institutions.  

A year later, Johnson firmly stated that the cryptocurrency wasn’t going away and ventured into the relatively nascent crypto custody business to compete with the likes of Coinbase.

As reported by U.Today, Galaxy Digital CEO Mike Novogratz suggested that the company could do wonders for Bitcoin’s price by allowing its 26 mln customers to purchase crypto directly from its accounts:

The most bullish thing would be for Abby Johnson to say 'all my 26 million users can now buy Bitcoin on my platform.' Hasn't happened yet.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at