CRYPTO NEWS: SENATORS FROM THE UNITED STATES HAVE URGED FIDELITY INVESTMENTS.

SENATORS FROM THE UNITED STATES HAVE URGED FIDELITY INVESTMENTS

SENATORS FROM THE UNITED STATES HAVE URGED FIDELITY INVESTMENTS TO STOP EXPOSING THEIR BITCOIN BTC RETIREMENT PLAN. ABIGAIL JOHNSON, CEO OF FIDELITY INVESTMENTS, WAS APPROACHED BY THREE SENATORS PLEADING WITH HER TO RECONSIDER INCLUDING BITCOIN EXPOSURE IN RETIREMENT PLANS.

THE LETTER, WHICH WAS SIGNED BY SENS. TINA SMITH (D-MINN.), ELIZABETH WARREN (D-MASS.), AND RICHARD DURBIN (D-ILL.), URGED FIDELITY INVESTMENTS TO “SERIOUSLY RECONSIDER” ITS DECISION TO PERMIT 401(K) PLAN SPONSORS TO DISCLOSE PLAN MEMBERS TO BITCOIN, AS PER THE BLOCK.

SENATORS FROM THE UNITED STATES HAVE URGED FIDELITY INVESTMENTS:

SENATORS FROM THE UNITED STATES HAVE URGED FIDELITY INVESTMENTS
SENATORS FROM THE UNITED STATES HAVE URGED FIDELITY INVESTMENTS

SINCE THESE SENATORS BELIEVED THE ISSUES WITH FTX WERE REASONS AGAINST INVESTING IN BITCOIN, WHILE IN FACT THE OPPOSITE WAS TRUE THE LETTER STARTED, “IN VIEW OF THE RECENT STUNNING INCIDENTS IN THE DIGITAL CURRENCIES MARKET.”

WHAT WENT WRONG WAS A CENTRALISED CORPORATION THAT USED A FRACTIONAL RESERVE SYSTEM, WHICH RESULTED IN BEHAVIOURS THAT MIMICKED THOSE OF BANKS AND COULD NOT RESIST A RUN.

INSOFAR AS PRIVATE KEYS ARE ACCESSIBLE OR THE ASSETS ARE STORED IN A CUSTODY FIRM THAT DOES NOT USE CLIENT FUNDS, INVESTING IN CRYPTOCURRENCIES MAY BE A SOLUTION TO SHIELD VIRTUAL CURRENCIES FROM THIS FRACTIONAL RESERVE BANKING SYSTEM. THIS IS EXACTLY WHAT BITCOIN AVOIDED AND SEEKS TO AVOID.

“THE RECENT COLLAPSE OF FTX, A CRYPTO TRADING PLATFORM, HAS AMPLY DEMONSTRATED THE MAJOR ISSUES THE VIRTUAL CURRENCY INDUSTRY IS FACING. THE LETTER ADDED, “THE BUSINESS IS RIFE WITH CHARMING WONDERKIDS, OPPORTUNISTIC CON ARTISTS, AND SELF-DECLARED INVESTMENT CONSULTANTS PUSHING INVESTMENT VEHICLES WITH MINIMAL TO NO TRANSPARENCY.”

ALTHOUGH THERE ARE MANY CON ARTISTS IN THE MARKET, ORGANISATIONS LIKE FIDELITY HAVE TO PROVIDE A SECURE MEANS FOR INVESTORS TO ACCESS ASSETS LIKE BITCOIN IN ORDER TO STOP THE SWINDLERS THEY STATED FROM CONTACTING INVESTORS.

NO MATTER HOW VOLATILE THE ASSET MAY BE IN THE SHORT TERM, THOSE WHO TRUSTED IN BITCOIN REALISED THAT THE RECENT ISSUES HAD ONLY SERVED TO SOLIDIFY IT AS THE PRIMARY CRYPTOCURRENCY.

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CRYPTO NEWS: SENATORS FROM THE UNITED STATES HAVE URGED FIDELITY INVESTMENTS.

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