Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts
- Thread starter johnarb
- Start date
Traditional finance companies have always hated Bitcoin and cryptos, if you look through old news, J. Dimon and JP Morgan, BofA, Goldman Sachs, Morgan Stanley, Blackrock all talked so much shit about Bitcoin
Fidelity was always the exception, was mining Bitcoin in the office buildings in 2013
Why do TradFi big banks hate Bitcoin? There are a number of reasons, imho
- The didn't believe in Bitcoin and they still don't believe in Bitcoin
- They don't trust Bitcoin because they don't have inside information on who owns the millions of bitcoins that were mined in the early days and if Satoshi million coins will come alive 1 day and be dumped in the market
- They did not buy a lot of bitcoins so they do not own a lot to dump on their clients
What advantage do tradfi companies have in a decentralized, fair distribution asset for the people? None
Even now, JP Morgan, Morgan Stanley,, Blackrock, Goldman Sachs, they are trying to fleece their UHNW clients for fees by selling and holding the bitcoins for them
But regular people like me and a bunch of retail people were buying bitcoins from Coinbase and regular people in the world were acquiring bitcoins from exchanges with no need for these tradfi institutions
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Stock market, tech stocks, and the likes have lost trillions of $ worth of value and there are still 10's of trillions of $ that will be dumped on retail mom and pop and joe sixpack retail investors and retirement plans
You know what these tradfi companies cannot dump on the retail? Bitcoin and cryptos because they do not control the supplies and retail have been buying lately, based on the many trend data
Bitcoin and cryptos assets are a global investment asset class and the market cap valuation is only $1.8 Trillion at the moment
The tradfi companies would rather dump 10's of trillions of $ worth of Google, Facebook, tech stocks, SPX, NDX, and other overpriced stocks since there's hardly any $ they can make selling Bitcoin and cryptos
Look how they did everyone dirty with their shenanigans on DSCA and other stocks once they got the inside info of troubles with Archegos frontrunning everyone including each other
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You like to read books and your name is to seek truth and knowledge?
The US $ is the global reserve currency and we've been printing and spending money like a drunken sailor and exporting very high inflation to the rest of the world
They are starting to wake up. China has stopped buying US treasuries, Israel and I read another country has put RMB on their treasuries, Russia doesn't want to accept US $ (for good reasons due to the war) I think I read that Saudi Arabia is accepting Yuan or maybe it was a different country, anywayy, the jig's up
You should go on YouTube and watch a few videos from a channel called Blockworks, who knows may be you'll like it or maybe you'll hate it and never watch another video from them, but imho, they produce some very good content
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https://www.inbitcoinwetrust.net/wi...effect-bitcoin-is-your-last-hope-8937c58ef0ec
https://blockworks.co/our-monetary-...what's known as “The,almost all of the wealth.
https://blockworks.co/the-end-of-the-bretton-woods-system/
For the first time, I got to agree …. prolly something here.
The game is rigged. But that’s what makes profitable trading possible.
The financial industry at all levels peddles bullshit to the public. Fidelity is a profit maximizer as are the other corporate players that you mentioned. Only it just happens to be sitting on a load of Bitcoins.
About the dollar, I don’t overthink it. Ranting about the monetary system is pointless. The way to deal with money printing and inflation is to make more money and own hard assets. At the very least people should own their own home.
Markets are volatile for a reason. Stupid amounts of money are being offered in this environment. Short-term is where it’s at.
Hold on what?? You are saying Fidelity owns a bunch of bitcoins, and is doing this bc they think bitcoin is going to go down and they want to unload the bitcoin they own to their own customers??
Dude what are you talking about? Do you have any info/sources for this or just your tin hat?
fully audited stable coins are great, but the current market valuation of the whole crypto space is done by fake money that represent 70 percent of daily volume. Fake money have no fear, remove fake money and the fall out will be much bigger than many can even imagine.
Yea you always say the fallout will be huge but I'm still waiting for a comment as to why you think that?
All you say is that 70% of volume number. My point is wont that volume just go to another stable coin if Tether no longer exists???
All you say is that 70% of volume number. My point is wont that volume just go to another stable coin if Tether no longer exists???
for sure if tether fraud is just migrated to another one nothing will happen, if however only fully audited stable coins are allowed to be used then game over. USDT team is in a lot of fraudulent trading with FTX.
really interesting how it all plays out
Yes, will be interesting. My hope is there is a relatively orderly migration to audited stable coins ... and stable coins have a similar regulation in the US as MMKT funds.
This will help the whole space long-term.
This will help the whole space long-term.
agree and this will allow spot ETF in USA. doubt however migration will be orderly. This would not allow than guys in FTX to manipulate the market the way they do today.