Fidelity Says What We’ve Been Thinking: Countries & Central Banks Will Buy BTC

Surprising the world, Fidelity predicts what Bitcoin’s game theory implies. It’s as Satoshi Nakamoto said, “It might make sense just to get some in case it catches on.” That’s the exact same conclusion that Fidelity reaches in its “Research Round-Up: 2021 Trends And Their Potential Future Impact” report. Take into account that Fidelity is a multinational financial services corporation, it doesn’t get more mainstream than this.

What did Fidelity say about Bitcoin adoption at the nation-states and central bank level? 

They put it very clearly:

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“We also think there is very high stakes game theory at play here, whereby if bitcoin adoption increases, the countries that secure some bitcoin today will be better off competitively than their peers. Therefore, even if other countries do not believe in the investment thesis or adoption of bitcoin, they will be forced to acquire some as a form of insurance. In other words, a small cost can be paid today as a hedge compared to a potentially much larger cost years in the future.” 

In other words, It might make sense just to get some in case it catches on. And, as Stacy Herbert said, “First mover advantage goes to El Salvador”. At least if we’re talking out in the open, because other countries might be accumulating Bitcoin on the down-low. For example, Venezuela seized a lot of ASICs from private miners. Chances are those are active in a warehouse somewhere. And, of course, there are rumors that the USA is already mining.

In any case, what does Fidelity conclude?

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“We therefore wouldn’t be surprised to see other sovereign nation states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.”

If those players do it in the open, it will probably trigger a race like no other. A race in which it will be too risky not to participate. 

Speaking About Bitcoin Mining…

Fidelity’s report summarized 2021, it goes through most of the major stories that NewsBTC has covered ad nauseam. The company doesn’t try to figure out why did China ban Bitcoin mining, but it highlights how fast the hashrate recovered

“The recovery in hash rate this year was truly astounding and one that we think demonstrates several issues that will be important to keep in mind for 2022 and beyond.”

The Fidelity report also highlighted how well the network responded. “This has now been tested and bitcoin’s network performed perfectly.”

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BTC price chart for 01/17/2022 on Eightcap | Source: BTC/USD on

What Does Fidelity Say About The Ecosystem In General?

The report wasn’t exclusively about Bitcoin, they also identified the biggest trends in the wide crypto sphere.

“The biggest non-Bitcoin themes put on display this past year included the massive issuance of stablecoins, the maturation of decentralized finance, and the early days of non-fungible tokens.”

And about those trends, Fidelity predicted:

  • “The growth in interconnectivity between siloed blockchains”

  • “Traditional fintech companies partnering or building capabilities to interact with DeFi protocols”

  • “The dawn of decentralized algorithmic stablecoins has officially begun.” Responding to the “growth in demand for more regulated, centralized stablecoins.”

  • “While the long-term value of these NFTs is not known, the impact of increased digital property rights for art, music, and content is likely to be meaningful in some form.”

In general, Fidelity thinks that investment in digital assets will keep growing:

“Allocating to digital assets has become far more normalized over the past two years for all investors. The Fidelity Digital Assets 2021 Institutional Investor Survey found that 71% of U.S. and European institutional investors surveyed intend to allocate to digital assets in the future. This number has grown across each individual region of the survey for the past three years, and we expect 2022 to show another year of higher current and future asset allocations to digital assets amongst institutions.” 

However, something has to happen to catalyze widespread institutional adoption. “The key to allowing traditional allocators to continue to pour capital into the digital asset ecosystem revolves around regulatory clarity and accessibility.”

Is 2022 the year of regulatory clarity? What will happen first, institutional adoption of cryptocurrencies or nation-states adoption of Bitcoin? What central bank will earn first-mover advantage? Burning questions for the year ahead.

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German Savings Banks Will Consider Crypto Trading for Customers

Key Takeaways

  • The dominant German financial institution—savings banks—will vote early next year on whether or not to approve cryptocurrency investing for their customers.
  • If approved, the 50 million customers of savings banks could buy and sell cryptocurrency directly via their ordinary savings account.
  • Germany, Europe’s largest economy by GDP, seems to be increasingly enamored with cryptocurrency investing.

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Public savings banks in Germany, commonly called “Sparkassen,” are preparing to vote on whether or not to provide access to cryptocurrency trading to their customers. The vote is slated to happen early next year. 

Savings Bank Interest Builds

A plan is brewing among German savings banks that might allow customers to trade cryptocurrency directly through their institutions.

Sparkassen are publicly owned and operated savings banks found throughout Germany with roughly 50 million customers nationwide.  According to a report by the German news publication Capital, a previously-secret pilot program, which would allow account holders to purchase cryptocurrencies directly through their own bank accounts, will need to be approved by the savings bank committees early in 2022 if it is to go into widespread effect. 

If the Sparkassen committees approve the plan, a first version could be rolled out later in 2022. Other large German banks, according to the Capital report, lag behind the Sparkassen plans in terms of their crypto adoption roadmaps. 

It appears Germany has become more hospitable to crypto trading and investing over the course of the past year. In July, a new law passed allowing German funds to invest 20% of their holdings into cryptocurrency, which opened the door for more than $400 billion to flow into the space. This was only days after Coinbase was approved to custody cryptocurrency in Germany.  

Crypto-oriented products have enjoyed high trading volume on German stock exchanges and this new report on the forthcoming savings bank vote suggests institutional interest is still continuing to grow, particularly among traditional financial players.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. 

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Nexo Goes Institutional With Fidelity Partnership

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Through the collaboration, Nexo will focus on offering custodial and lending services to the institutional market. 

Nexo Announces Institutional Move 

Institutions are increasingly looking to join the digital assets space, and Nexo is about to make it easier for them to dive in. 

The firm announced a collaboration with Fidelity Digital Assets Tuesday, offering institutional clients access to custodial and lending services. Partnering with Fidelity will strengthen Nexo’s current security infrastructure and allow the firm to offer a range of products aimed at institutions. Nexo will also expand its portfolio of assets under management as part of the partnership. 

Nexo co-founder and managing partner Kalin Metodiev said of the partnership: 

“Working with Fidelity Digital Assets is the latest milestone in our quest to offer a complete institutional platform and to onboard traditional finance companies into the digital asset ecosystem. Our client base will now have full use of our industry-leading credit and trading products with reliance on Fidelity Digital Assets’ bespoke custody and security solutions.”

Christopher Tyrer, Head of Fidelity Digital Assets, Europe, added that he’d seen growing demand for cryptocurrency exposure from institutional clients. He said: 

“We’ve seen tremendous growth of interest in digital assets from institutions within the European market and we’re committed to implementing sophisticated solutions to match those available with traditional asset classes.”

The cryptocurrency space has increasingly attracted the interest of institutions as the market has exploded this year. As Bitcoin, Ethereum, and other assets have jumped in value, so too has demand from big players looking for exposure to the asset class. The likes of Goldman Sachs, Morgan Stanley, and JPMorgan have all begun offering Bitcoin products to wealthy clients in recent months, while many crypto native firms have also expanded their offerings to cater to the growing market. Through the Fidelity partnership, Nexo will be looking to cash in on the boom. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

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Institutions Can Now Access Avalanche via Fireblocks

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Fireblocks is hoping to help institutions engage with DeFi on Avalanche without jeopardizing efficiency or security. 

Fireblocks Brings Institutions to Avalanche

Avalanche just moved a step closer to attracting institutional adoption. 

Fireblocks, a leading crypto custody and settlement solutions provider, has launched support for the Layer 1 blockchain in a bid to help institutional users access DeFi. 

Institutions can now use Avalanche’s C-Chain through Fireblocks’ DeFi API or WalletConnect. This means users will be able to custody and transfer AVAX native tokens while benefiting from the platform’s enhanced security procedures. 

Fireblocks will support several of the most active DeFi protocols on Avalanche today, including Trader Joe, BENQI, Yield Yak, Pangolin, and Wonderland. 

John Nahas, Vice President of Business Development at Ava Labs, said of the Fireblocks integration: 

“Avalanche is pioneering the future of a financial system where users can access open protocols and compliant products alike. Firms like Fireblocks provide the assurance of secure access to this world of DeFi and digital assets that institutions and sophisticated traders demand.”

Over the past year, Fireblocks has quickly become one of the leading companies bridging the gap between traditional finance and crypto. In March, the firm completed a funding round led by BNY Mellon, landing a valuation of over $900 million. 

Since then, Fireblocks has had several significant updates, including partnering with the digital payment platform Wirex to launch high-interest crypto savings accounts that utilize yield farming strategies on Ethereum. The company has also integrated the Ethereum sidechain Polygon, allowing its institutional users access to the network’s thriving DeFi ecosystem. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

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Share this article is working with Silvergate to introduce fiat deposits and withdrawals for its institutional clients. Onboards Institutions is making it easier for institutions to enter crypto.

The exchange announced a new partnership with financial infrastructure solutions provider Silvergate Tuesday, enabling institutions to deposit and withdraw U.S. dollars funds from their bank accounts.’s clients will now have access to the Silvergate Exchange Network, a near-real-time payments platform that lets users transfer U.S. dollars at any time free of charge. The new feature will be available to institutional clients in all of the exchange’s available markets.

Kris Marszalek, the co-founder and CEO of, said of the partnership: 

“Silvergate’s products and services bridge the gap from the traditional financial world to the crypto world, which supports our mission to ‘accelerate the world’s transition to cryptocurrency.’ We look forward to extending the service to more customers.”

The Silvergate partnership is the latest in a long list of developments as eyes mainstream adoption. In October, the firm kicked off a $100 million advertising campaign that featured the Oscar-winning actor Matt Damon and the tagline “Fortune Favours the Brave.” The firm also announced it had signed a $700 million deal to acquire naming rights to the Staples Center, the home venue of both the LA Lakers and LA Kings. It’s set to be renamed the Arena for the next 20 years. 

Last week, meanwhile, became the first exchange to successfully complete a Service Organization Control (SOC) 2 Audit, affirming that’s security practices, policies, and procedures meet all SOC 2 standards. The successful SOC 2 audit could make investing in cryptocurrencies through more appealing for institutions. Additionally, today’s Silvergate partnership should make onboarding easier, further removing barriers for institutional cryptocurrency adoption. 

Disclosure: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies. 

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Citi to Expand Digital Assets Division with 100 New Hires

Key Takeaways

  • Banking giant Citi has announced that it will hire 100 new employees in order to expand its digital asset division.
  • It will also appoint Puneet Singhvi, who headed another of the company’s blockchain efforts, as head of the division.
  • Citi initially formed its digital asset division this June; the number of employees involved at that time is unknown.

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Banking giant Citi has announced that it is hiring 100 employees for its digital assets division, according to various reports.

Citi Will Expand Its Crypto Efforts

Citi first launched its digital assets division this June. Now, it will expand the division with 100 new employees.

In addition to those hires, Citi has appointed Puneet Singhvi to lead the digital assets division, a change in staffing that will take effect on Dec. 1. Singhvi formerly served as the head of blockchain and digital assets within Citi’s global markets division.

Shobhit Maini and Vasant Viswanathan will take on Singhvi’s former role, acting as heads of blockchain for the global markets division.

The digital assets division will be part of Citi’s Institutional Clients Group, which is headed by Emily Turner. The new digital asset team will reportedly develop a strategy to help businesses within the Institutional Clients Group utilize blockchain.

“[The Institutional Client Group’s] digital asset efforts are a continuation of our work with blockchain,” Turner wrote in a memo. “As such, Puneet’s team will lead ICG-wide digital asset governance and work in close partnership with our second and third lines.”

Many Banks Are Working on Crypto

Citibank has taken a close interest in cryptocurrency for almost half a year now. Various sources initially reported that Citi was considering working with digital assets this spring, as the bank published a report considering cryptocurrency’s role in global trade. In late October, the company examined Coinbase’s stock in another report.

Citi is just one of many major banks that have begun to work with or examine cryptocurrency in recent years, alongside big names like JPMorgan, Bank of America, and BNY Mellon.

Earlier this month, former Citi CEO Vikram Pandit suggested that every major bank will consider crypto within 1 to 3 years.

Citi is the 13th largest bank by total assets, according to the April 2020 S&P Global Market Intelligence report.

Disclosure: At the time of writing, the author of this piece owned less than $100 of BTC, ETH, and altcoins.

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TIME Magazine to Hold ETH on Balance Sheet

Key Takeaways

  • Galaxy Digital has entered a content deal with TIME Magazine to cover metaverse topics.
  • Financed in ETH, the partnership will launch TIME100 Companies in metaverse category.
  • According to Galaxy, TIME agreed to accept and hold ETH on its balance sheet.

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TIME Magazine will hold Ethereum on its balance sheet under a partnership with Galaxy Digital focused on metaverse content. The deal comes with the launch of the TIME100 Companies category on the metaverse.

Galaxy Pays TIME Magazine in ETH for Metaverse Content

According to a Thursday press release, Galaxy Digital’s entertainment arm, Galaxy Interactive, has entered a content sponsorship deal with TIME Magazine. With the partnership, the magazine will be launching a new version of its TIME100 Companies, featuring the top global companies and entrepreneurs in the metaverse space.

“Metaverse” is a term used to refer to new virtual worlds that leverage virtual reality and are hosted on public blockchains like Ethereum. There are different metaverse projects that incorporate elements from blockchain gaming, such as non-fungible tokens (NFTs) and other financial incentives, called GameFi.

The partnership with TIME Magazine was financed in Ether (ETH), the native asset of Ethereum blockchain and the second-largest cryptocurrency. As part of the deal, the 98-year old magazine has agreed to accept and hold ETH on its balance sheet, making it the first major media organization to do so.

The Galaxy-TIME partnership also includes a new weekly TIME newsletter, “Into The Metaverse,” as well as educational material designed to educate readers on the metaverse topic. Galaxy Digital said it will leverage its expertise to help the magazine cover the fast-emerging metaverse space.

While the metaverse concept was first introduced by crypto projects like Decentraland in early 2020, it reached mainstream consciousness after Facebook rebranded to Meta last month. The social media giant has revamped its strategy to focus on building online virtual spaces, which has become a catalyst for the recent metaverse boom.

In April 2021, TIME partnered with to offer cryptocurrency as a form of payment for digital subscriptions. However, at that time the magazine did not hold ETH but merely used it as a payment method. A month prior, it auctioned three magazine covers as NFTs on SuperRare, a popular crypto marketplace.

“We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within,” Mike Novogratz, CEO and founder of Galaxy Digital, said on the partnership.

Notably, in Oct. 2021, Galaxy raised $325 million in a venture capital fund to make investments in NFTs, gaming, and metaverse-related startups.

Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.

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Interactive Brokers Group Expands Crypto Services to Include RIAs

Key Takeaways

  • Global brokerage firm International Brokers Group has announced cryptocurrency trading and custody services for Registered Investment Advisors (RIAs) in the U.S.
  • The firm has previously rolled out direct crypto trading for its clients; the new move would enable RIAs to perform this service on clients’ behalf.
  • The services are currently only available to U.S. advisors and clients, though there are plans to expand.

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Interactive Brokers Group announced today that it would launch cryptocurrency trading and custody services for U.S. Registered Investment Advisors. The move comes roughly one month after Interactive Brokers introduced crypto trading for clients.

Interactive Brokers Group Introduces New Options for Investing in Crypto

Global brokerage firm Interactive Brokers Group announced today that it would offer cryptocurrency trading and custody services for Registered Investment Advisors in the U.S. This would allow RIAs to trade and custody certain cryptocurrencies on behalf of their clients, thus enabling them to manage their clients’ positions in cryptocurrencies in addition to those in stocks, bonds, mutual funds, and other financial instruments. 

Working through Paxos, Interactive Brokers Group will enable RIAs to trade and custody Bitcoin, Ethereum, Litecoin, and Bitcoin Cash on behalf of their clients. The news comes only a month after the firm introduced a previous partnership with Paxos, which rolled out crypto trading for U.S. clients in September. The new move would allow RIAs to manage such trades on their clients’ behalf. 

The move comes in response to growing investor demand for exposure to cryptocurrency markets. In a press release, Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, said: 

“Allocating a small percentage of assets to cryptocurrency as part of a well-diversified portfolio has steadily become more commonplace, and advisors may wish to recommend cryptocurrency to their clients…Adding cryptocurrency trading underscores our ongoing dedication to providing advisors with the investment products and tools they need to successfully manage client portfolios and grow their businesses.”

The firm’s cryptocurrency-related services are currently only available to U.S. clients and RIAs, although there are plans to launch in other parts of the world in the future. 

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Interactive Brokers Group and its affiliates provide automated trade execution and custody services for securities, commodities, and forex to individual investors, hedge funds, proprietary trading groups, and financial advisors worldwide. Paxos Trust Company is a regulated blockchain infrastructure platform that provides crypto brokerage services. It is regulated by the New York Department of Financial Services. 

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

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U.S. Bank Announces Bitcoin Custody Service

Key Takeaways

  • U.S. Bank will make cryptocurrency custodial services available to investment managers, according to CNBC.
  • U.S. Bank is not the first major player to make such a move.
  • The decision would suggest that institutional interest in cryptocurrency is continuing to grow.

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U.S. Bank, the fifth largest retail bank in the United States, announced its Bitcoin custody service in a press release today.

Big Banks Open to Crypto Custody Service

U.S. Bank, which currently has custody of $8.6 trillion in assets, will initially make custody services available for Bitcoin.

Custody services for Bitcoin Cash, Litecoin, Ethereum and other assets will likely come over time, according to the vice chair of U.S. Bank’s wealth management and investment services division, Gunjan Kedia.

This move would suggest that deeply entrenched U.S. financial institutions and their clients are becoming increasingly interested in cryptocurrencies. In an interview, Kedia said, “Our clients are getting very serious about the potential of cryptocurrencies as a diversified asset class…I don’t believe there’s a single asset manager that isn’t thinking about it right now.”

While fund managers could buy digital assets themselves (and therefore have to store their own private keys), many want the legacy financial institutions that already safeguard trillions in assets to secure their crypto assets for them.

The service will be offered in partnership with NYDIG, a Bitcoin subsidiary of Stone Ridge Asset Management.

Other Banks Also Offer Crypto Services

Other large banks have already made similar moves, seemingly back-to-back. In February, BNY Mellon announced that it would offer its clients Bitcoin custody. Roman Regelman, BNY’s CEO of Asset Servicing and Head of Digital, acknowledged that “digital assets are becoming part of the mainstream.”

In March, within days of Morgan Stanley announcing three different funds with which its clients could attain Bitcoin exposure, Goldman Sachs announced it would be launching a “full spectrum” of investment products in digital assets. Mary Rich, Goldman’s VP of Digital Assets, said the prospect of blockchain being the “dawn of new Internet”as well as the desire for a hedge against inflationmight explain their clients’ interest.

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Moreover, State Street announced in April their own cryptocurrency trading platform with a “smart custody routing program.” Later that month, JP Morgan made an announcement for its own Bitcoin fund along with custodial services. 

As of May, hundreds of banks across the U.S. had already enrolled in the New York Digital Investment Group’s (NYDIG) crypto custody program. The president of NYDIG, Yan Zhao, has warned that banks will lose customers to newer companies like Coinbase, Square, Paypal, and Robinhood if they do not provide crypto services.

 An August survey of U.K. institutional investors and wealth managers found that nearly three quarters sought to increase crypto exposure between now and 2023, and some big banks are now rolling out critical infrastructure to make it easier for institutions to do so.

Disclaimer: The author of this piece owned BTC, ETH, and several other cryptocurrencies at the time of writing.

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Billionaire Orlando Bravo Owns Bitcoin And Is Very Bullish

The cofounder of private equity firm Thoma Bravo told CNBC that institutional adoption would fuel higher prices.

  • Orlando Bravo, the cofounder of private equity firm Thoma Bravo, told CNBC today that he is an investor in bitcoin and a believer in its potential to surge in value over the coming years.
  • “Institutions are just beginning to go there, and once that happens, I think it will increase significantly over the years,” Bravo said about bitcoin.
  • Thoma Bravo recently participated in a Series B funding round for bitcoin exchange FTX, currently valued at $18 billion. Thoma Bravo has over $83 billion in assets under management.

Bravo, who is also a managing partner of the private equity firm, shared why he is bullish on bitcoin at CNBC’s Delivering Alpha conference on September 29. He said he personally invested in BTC and is very bullish on Bitcoin’s future.

“For me, it’s pretty simple. More people are going to use in the future than today, and it’s going to be more established,” Bravo said. “Institutions are just beginning to go there, and once that happens, I think it will increase significantly over the years. I’m very bullish.”

Bravo’s private equity firm has a long history of more than 40 years. It has been focusing on investing in software and technology companies for 20 years and had over $83 billion in assets under management as of June 30, 2021.

Companies have just recently started becoming aware of Bitcoin’s potential. According to data from, the biggest known corporate holding of bitcoin is that of MicroStrategy, the software company headed by Bitcoin advocate and bull Michael Saylor, with a 114,041 BTC stack. Tesla comes in second, with 43,200 BTC. In total, all the bitcoin being held on treasuries represent nearly 8% of the total 21 million coins supply that will ever exist.

As corporations start taking notice and rush to acquire bitcoin, the price will have no ceiling. With corporate FOMO, Bitcoin’s limited supply will catapult the dollar value to levels nobody can imagine. Bravo, Bravo.


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Bitcoin (BTC) $ 26,272.04 0.80%
Ethereum (ETH) $ 1,586.88 0.04%
Litecoin (LTC) $ 64.26 0.08%
Bitcoin Cash (BCH) $ 210.43 1.44%