Investment advisors have yet little understanding of crypto assets, and Tesla starts accepting bitcoin
Fidelity believes that wealth managers are at an early stage of understanding the cryptocurrency market
The growing interest of institutional investors in cryptocurrencies is one reason for wealth managers and investment advisors to study this type of asset, said Michael Durbin, Head of Fidelity Institutional Asset Management, which manages $9.8 trillion.
“They know what they are doing, and more importantly their end investor base also knows what they are doing — but the vast majority are still in the education mode,” explained the top manager of the Boston-based company.
Durbin is confident in the growth of interest in BTC and other crypto coins. He believes that a prerequisite for this is the need to increase the share of so-called alternative investments. Financial advisors and consultants only need to figure out how to integrate cryptoassets into investment portfolios.
Elon Musk says Tesla now accepts bitcoin
On March, 24 Elon Musk has announced that Tesla cars can now be purchased using bitcoin.
“You can now buy a Tesla with Bitcoin,” the entrepreneur tweeted.
Tesla already hinted at accepting bitcoin for payments in February, following its purchase of $1.5 billion worth of the digital asset, an SEC filing showed. For the time being, only customers in US will be able to buy Tesla using BTC.
Tesla is using only internal and open source software and operates bitcoin nodes directly.
Bitcoin paid to Tesla will stay as Bitcoin, and will not be converted to fiat currency.
Visitors to Tesla’s website from a U.S.-based IP address will now see a new Bitcoin payment widget added to the site’s checkout options. The impact of Tesla’s acceptance of Bitcoin may have been impacted the cryptocurrency market early on Wednesday. Coinciding with the breaking of the news, the dollar value of Bitcoin jumped 2.9% from $54,056 to $55,630.