{"id":110322,"date":"2021-03-23T16:45:22","date_gmt":"2021-03-23T16:45:22","guid":{"rendered":"https:\/\/fin2me.com\/?p=110322"},"modified":"2021-03-23T16:45:22","modified_gmt":"2021-03-23T16:45:22","slug":"wealth-managers-still-in-crypto-education-mode-fidelity-says","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/wealth-managers-still-in-crypto-education-mode-fidelity-says\/","title":{"rendered":"Wealth managers still in crypto 'education mode', Fidelity says"},"content":{"rendered":"

LONDON (Reuters) – Most wealth managers and financial advisors are still in \u201ceducation mode\u201d on cryptocurrencies but demand for the emerging asset class among larger investors has grown, the boss of Fidelity Investments\u2019 institutional arm said on Tuesday.<\/p>

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS\/Dado Ruvic\/Illustration<\/figcaption>

While some advisors and investment firms managing the fortunes of wealthy people have grown \u201csophisticated\u201d and \u201ccomfortable\u201d with cryptocurrencies, most are still getting to grips with the technology, Mike Durbin said.<\/p>\n

\u201cThey know what they are doing, and more importantly their end investor base also knows what they are doing – but the vast majority are still in the education mode,\u201d he added in an interview at Reuters Digital Assets Week.<\/p>\n

Durbin\u2019s comments give a snapshot of interest in cryptocurrencies at Boston-based Fidelity, whose $9.8 trillion in customer assets as of Dec. 31 make it one of the world\u2019s biggest investment managers, amid heightened interest in digital assets.<\/p>\n

BOOMING BITCOIN<\/h2>\n

Bitcoin powered to an all-time high of nearly $62,000 this month, the latest in a meteoric rise fuelled by bigger U.S. investors.<\/p>\n

The world\u2019s biggest cryptocurrency has soared eight-fold in the last year, sparking wider interest in digital assets from investors seeking yield in a world of ultra-low interest rates.<\/p>\n

Mainstream companies and financial firms from Tesla Inc to Bank of New York Mellon Corp have embraced the emerging asset, sparking predictions that bitcoin and other cryptocurrencies will become a regular part of investment portfolios.<\/p>\n

In 2018, Fidelity became one of the first mainstream investment firms to embrace cryptocurrencies, setting up a unit that offers cryptocurrency custody and other services for financial firms and corporations.<\/p>\n

Interest in bitcoin and other digital assets would likely grow as \u201calternative investments\u201d – which often includes real estate, private equity and hedge funds – increase in popularity, Durbin said.<\/p>\n

\u201cI think that the growth rate of bitcoin or digital assets will follow in that wake of broader alternative investments.<\/p>\n

\u201cThere\u2019s still work to be done there to help advisors understand portfolio construction with these kinds of expressions.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Most wealth managers and financial advisors are still in \u201ceducation mode\u201d on cryptocurrencies but demand for the emerging asset class among larger […]<\/p>\n","protected":false},"author":3,"featured_media":110321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nWealth managers still in crypto 'education mode', Fidelity says - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/wealth-managers-still-in-crypto-education-mode-fidelity-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wealth managers still in crypto 'education mode', Fidelity says - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Most wealth managers and financial advisors are still in \u201ceducation mode\u201d on cryptocurrencies but demand for the emerging asset class among larger [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/wealth-managers-still-in-crypto-education-mode-fidelity-says\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-23T16:45:22+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/03\/cnewsfotor216.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/wealth-managers-still-in-crypto-education-mode-fidelity-says\/\",\"url\":\"https:\/\/fin2me.com\/markets\/wealth-managers-still-in-crypto-education-mode-fidelity-says\/\",\"name\":\"Wealth managers still in crypto 'education mode', Fidelity says - 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