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As discussed in previous articles, Fidelity had crypto coming down the pipeline. Back in November, there were internal job postings looking for database architects to build out the critical infrastructure needed for the cryptocurrency space. In the beginning, many said it was hearsay, but then reports of the exchange being operational by March were everywhere. Fidelity could clearly see that the blockchain space was evolving and being implemented into new technology. Fear-mongering from the likes of Warren Buffett to scare people out of the technology is typical. Remember that Berkshire Hathaway had $112 billion in cash through Q4 2018. Owning cash is not exactly the best thing to own going forward if cash is destroyed, plus inflation takes a toll. Additionally, Berkshire’s biggest holdings are banks.

Berkshire Loves Banks

Berkshire has $23.8 billion in Wells Fargo, $16.7 billion in Bank of America, $13 billion in American Express, $4.4 billion in U.S. Bancorp, $2.6 billion in BNY Mellon, $2.5 billion in Goldman Sachs, and $798 million in M&T Bank. No wonder Berkshire hates cryptocurrency. Warren knows that most assets are far too expensive, so he accumulates cash to wait for the right price. FinTech is a destructive technology, and if banks don’t invest in infrastructure, they will lose market share in a hurry. That is not good for Warren, who sees his precious banks a little behind in the race. JPMorgan introduced their own cryptocurrency because market analysis shows some of these big banks could lose up to one-third of their revenues to FinTech. Not only are the banks being forced to develop the technology, some of the big payment processers are as well.

According to SmartRecruiters, Visa is looking for a technical product manager that is passionate about blockchain and cryptocurrency. As a product manager on the Visa crypto team, this person will be responsible for “executing Visa’s product strategy within the cryptocurrency ecosystem.” The job description went on to say that “this person should have great problem-solving skills and creativity to find new opportunities and anticipate how cryptocurrencies could impact payments.”  Fidelity launched its platform on March 8th to a select group of clients. “We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, and other institutional investors. Tom Jessop, head of Fidelity Digital Assets, spoke to CNBC telling them that this bear market has not discouraged institutional interest in cryptocurrencies.

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“If anything, they are as encouraged now as they were when prices were higher.” Institutional investors are not going away, and Jack Dorsey of Twitter recently announced that he is buying $10,000 of Bitcoin per week.  Dorsey is putting his money where his mouth is as both a personal investor and public investor.  Square, a large payment processor developed by Jack and associates, made an interesting announcement on March 20th.  On Twitter, Jack announced that Square would be hiring 3-4 crypto engineers and 1 designer to work on the crypto ecosystem.  These employees would also be paid in Bitcoin.  The developments seem to be increasing in this space, and the next bull run should help adoption.

Cheers,

Colin

 

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