Fidelity Puts the Kibosh on Bitcoin
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Did someone drop the ball at Fidelity or did they have a change of heart about virtual currency bitcoin? That's the question market watchers and Fidelity investors are asking Thursday after the investment giant denied earlier reports that it will allow investment in the SecondMarket Bitcoin Investment Trust through self-directed IRAs.
The truth is, at one point in the recent past, accredited investors at Fidelity were allowed to invest in the newly-minted bitcoin trust, although it is unclear if anyone took up the offer. But now even these so called smartmoney-investors can't get involved through Fidelity.
Fidelity would not discuss the abrupt change of heart, only that it is "under review." What is "under review" is a mystery. Fidelity would not provide answers on if they are reviewing bitcoin as a investment or if they are reviewing why the trust was being offered in the first place.
While Fidelity said customers can't buy the trust or use bitcoins to purchase investments, they did not entirely close the door to bitcoin. They said if and when a proposed bitcoin ETF from the Winklevoss twins comes about they will review it and other bitcoin investments on a case by case basis.
The truth is, at one point in the recent past, accredited investors at Fidelity were allowed to invest in the newly-minted bitcoin trust, although it is unclear if anyone took up the offer. But now even these so called smartmoney-investors can't get involved through Fidelity.
Fidelity would not discuss the abrupt change of heart, only that it is "under review." What is "under review" is a mystery. Fidelity would not provide answers on if they are reviewing bitcoin as a investment or if they are reviewing why the trust was being offered in the first place.
While Fidelity said customers can't buy the trust or use bitcoins to purchase investments, they did not entirely close the door to bitcoin. They said if and when a proposed bitcoin ETF from the Winklevoss twins comes about they will review it and other bitcoin investments on a case by case basis.
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