Turn Bitcoin to Cash Without Selling After Fidelity Digital Support
Fidelity Digital will now “hold” Bitcoin for potential customers like hedge funds or miners who want to borrow cash while keeping their coins as collateral, Tom Jessop, the President of the Fidelity Digital Assets, told Bloomberg on Dec 9. They will work in partnership with BlockFi.
Right at the time when Bitcoin is trading at around its all-time high, Fidelity Digital Assets--keen on expanding their services to Asia, are now offering a new service to make liquid clients, including hedge funds with crypto and Bitcoin exposure, miners, and others who would want to take out cash loans without necessarily liquidating their valuable assets. Acting as collateral, customers will now take cash while Fidelity Digital custody the coin while working closely with BlockFi. Bitcoin is being supported by leading Wall Street giants, including PayPal, and is being stocked by public companies like MicroStrategy and Square as part of their investment strategies.
Impact on the BTC Price:
Bullish. Bitcoin is a valuable store of value that compares to gold. That it can be collateral for loans with support from one of the world’s leading banks point to its utility; that remains unexplored.
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