The CEO of Fidelity believes a bear market is a chance to go “extra hard” in crypto
According to Abigail Johnson, the CEO and Chairman of Fidelity Investments, the recent cryptocurrency market drop is not a huge deal.
According to a report by CoinDesk, Johnson said at Consensus 2022 in Austin, Texas, that the current bad market is her “third crypto winter.” It has been a rollercoaster ride for Fidelity, but the CEO says he views the ups as opportunities.
She also said: If everyone else is dipping their toes into an investment when you feel the fundamentals are great, that’s the moment to double down and go extra hard into it, I was trained to be a contrarian thinker, and so I have this knee-jerk response, she said.
Johnson’s interest in Bitcoin dates back to 2014 when she started mining digital money, which baffled Fidelity’s finance department.
“People were asking, ‘What is this?'” remarked the author. What are you looking to acquire from China?'” She recalled the reactions of others around her when she revealed her plans to buy $200,000 worth of Bitcoin mining equipment.
In recent years, Fidelity has focused more of its efforts on increasing its bitcoin product offerings. It was possible for Fidelity to successfully launch the Metaverse Exchange Traded Fund (ETF) in April despite the present regulatory barriers, and now customers have the option of using Bitcoin in their 401(k) retirement savings account.
The attention we’ve received for introducing a little amount of bitcoin to the 401(k) industry has surprised me much.” There has been so much nice reaction about it, Johnson said, that he was pleasantly pleased.
A cryptocurrency exchange is in the cards for Fidelity
It was stated on June 7 that three of the biggest financial institutions in the world – Citadel Securities, Fidelity Investments, and Charles Schab Corp – are working together to build a cryptocurrency offering that would enable “retail brokerages to provide crypto-executions to their consumers.”
Meanwhile, Finbold claimed that Fidelity Digital Assets, which now employs almost 200 workers, is preparing a recruiting binge for crypto talents so that it may boost its crypto branch with 210 additional employees.