Loading...

Fidelity missed a chance to compete with Coinbase, claims Jurica Bulovic

JasperArt 2023 08 29 04.42.28 upscaled

Most read

Loading Most Ready posts..

Contents

Share link:

TL;DR

  • Jurica Bulovic, ex-Fidelity executive, claims Fidelity could have been a strong competitor to Coinbase in the crypto sector.
  • Bulovic argues that Fidelity should have taken advantage of an opportunity by being moderate in its early involvement with digital assets.
  • Alex Thorn from Galaxy Digital agrees, stating that Fidelity was ahead of most traditional financial institutions entering the crypto space.

Jurica Bulovic, a former Fidelity executive and current head of mining at Foundry, stated that Fidelity could have been a formidable competitor to Coinbase in the cryptocurrency exchange sector. The comments were made in a Wall Street Journal article, sparking discussions about what could have been a different landscape in the crypto industry.

According to Bulovic, Fidelity could be as significant a player as Coinbase. He argues that the financial giant should have been more aggressive in its early days of venturing into digital assets. “Fidelity could have been more aggressive,” he said, emphasizing that the company had a unique advantage over its traditional finance competitors.

Alex Thorn, head of firmwide research at Galaxy Digital, concurs. He notes that Fidelity was ahead of the curve, delving into the crypto space earlier than most conventional financial institutions. “Fidelity has been doing it longer than any other regular financial institution,” Thorn stated. He added that the company’s early investment in the sector made it an attractive destination for top talent in the industry.

Interestingly, Fidelity Investments CEO Abby Johnson had a more bullish stance on Bitcoin (BTC), especially compared to other traditional finance (TradFi) executives like Jamie Dimon, CEO of Goldman Sachs. Matt Walsh, founding partner at Castle Island Ventures, pointed out the contrasting views. “Jamie Dimon compared Bitcoin to tulip bubbles, while Abby was on the other end of the spectrum,” Walsh said.

However, despite Johnson’s initial enthusiasm, a combination of factors led her to scale back Fidelity’s crypto ambitions. The Wall Street Journal article cites a lack of regulatory clarity and internal and external pressures as key reasons for the shift in strategy.

Fidelity and other major financial players like BlackRock and Ark Invest are currently applying for an ETF license to trade spot Bitcoin. Unfortunately, their applications have not received approval from the Securities and Exchange Commission (SEC).

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan