Michael Derbin, president of Fidelity Institutional, says that while some wealth managers have been “sophisticated” and “comfortable” with crypto so far, others are still catching up.



Education phase

Michael Derbin, president of Fidelity Institutional, thinks many asset managers and financial advisors still lack the necessary in-depth knowledge when it comes to digital assets.

While some wealth managers are now “sophisticated” and “comfortable” with cryptocurrencies and their underlying technologies, many others are lagging behind. Derbin noted the following on the subject:

“They know what they’re doing, and more importantly, their end investor base knows what they’re doing. However, most of them are still in training mode. ”

Fidelity Institutional is a division of Fidelity Investments, whose client assets of $ 9.8 trillion make it one of the world’s best investment managers. It also became one of the first companies to take cryptocurrencies seriously and launched a subsidiary in the fall of 2018 focusing on the new asset class.


Knowledge gap

As the information gap continues among finance executives, Derbin highlighted that the demand for digital assets is growing among larger investors. Tesla and Bank of New York Mellon are just two of the most recent major names for Bitcoin (BTC) attempting to enter the crypto space during a historic bull season. Over the past year, the value of the best cryptocurrency has risen more than seven times, reaching as high as $ 61,200 earlier this month.

In October 2020, Fidelity Digital Assets released a report that predicted that increased corporate interest could increase Bitcoin’s market value by hundreds of billions of dollars in the near future, arguing that portfolio managers could significantly increase their returns by allocating some of their assets to Bitcoin.

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