Breaking News: Fidelity no Longer Allows Investments in Second Market's Bitcoin Investment Trust
After reporting on Wednesday that Fidelity users would be able to add Second Market's Bitcoin Investment Trust to their list of securities in their Individual Retirement Accounts [IRA], we here at CryptoCoinsNews must issue a correction. Fidelity has done an apparent 180 in the time that this story has gone viral. On Wednesday, it was first reported on Marketwatch that some Fidelity clients had been allowed to invest in the Bitcoin Investment Trust through their IRAs. However, earlier today, Fidelity's director of public relations Rob Beauregard said specifically in a phone interview: We....
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Seems like the news that Fidelity Investments allowing clients to put bitcoins in IRAs is short-lived. The company came out today and said that, in fact, is no longer the case. "On an individual basis, we allowed an investor to invest in that Bitcoin Investment Trust," public relations officer at Fidelity Rob Beauregard said. "We are no longer allowing that." If anything, this seems to be a decision that wasn't passed through the company board. "We're not commenting right now on why that was first allowed," said Beauregard. Clearly, someone at the top disapproved and axed the feature. As....
Looks like they completely reversed their decision. Bitcoin continues to gain legitimacy as prominent financial services corporation Fidelity partners with SecondMarket's Bitcoin Investment Trust to allow its clients to put Bitcoins in IRAs. The Bitcoin Investment Trust launched a few weeks ago in late September, and invests exclusively in Bitcoin. Individual Retirement Accounts (IRAs) provide tax advantages for retirement savings. Barry Silbert, CEO of SecondMarket, says, "If you are a Fidelity client, you can now invest in the Bitcoin Investment Trust through an IRA." This is simply....
In what could potentially be great news for the bitcoin community, Fidelity Investments is now allowing their clients to put bitcoin amounts toward their IRAs. The move is made possible with a partnership with SecondMarket's Bitcoin Investment Trust, a bitcoin-only trust that came to be in September with over $60 million USD in assets. "If you are a Fidelity client, you can now invest in the Bitcoin Investment Trust through an IRA," said SecondMarket head honcho Barry Silbert. It should be known that this opportunity is only available to accredited investors. Bitcoin has become a point of....
Mutual fund Fidelity is denying claims that bitcoin can be used in self-directed IRAs (Individual Retirement Accounts) held through the company. On Wednesday, CNBC and MarketWatch both reported that Fidelity's investors could choose to invest funds in the Bitcoin Investment Trust (BIT). However, Fidelity was quick to deny the reports. Bitcoins for retirement - if you're a Fidelity client you can invest your self directed IRA in the Bitcoin Investment Trust. $25k minimum. - Mary Thompson (@MThompsonCNBC) December 11, 2013. Fidelity responded via twitter that it was not offering bitcoin....
Earlier in December, Second Market's CEO, Barry Silbert, informed the public that: "If you are a Fidelity client, you can now invest in the Bitcoin Investment Trust through an IRA." Second Market'sBitcoin Investment Trust is the first platform for institutional investors to enter into the Bitcoin market. However, the list of requirements are long and they serve as a significant barrier of entry. Bitcoin Investment Trust clients need to be accredited investors, and the investment minimum is $25,000. Though Second Market's Bitcoin offering has seen wild success, their exorbitant fee schedule....