Bitcoin: Why Fidelity is Mining It

TL;DR:

  1. It’s not really about the profits: Even though Johnson has previously said that the mining “is actually making a lot of money,” that’s not exactly the point. The real purpose of the mining is to learn about the burgeoning cryptocurrency market.

  2. Fidelity wants to be at the forefront: The financial services company wants to continue aggressively experimenting at a time when others on Wall Street are skeptical about the space. This summer, Fidelity struck a partnership with Coinbase, the San Francisco-based exchange, to let customers see the value of their digital currency alongside stocks and other assets on their Fidelity page.

  3. It’s collecting data about crypto in the early days: Through its Coinbase partnership, Fidelity can get a better sense of just how many investors are interested in cryptocurrency. Additionally, the company has included Bitcoin in a program that allows people to donate specialized assets (like fine art) to charity. Through this initiative, Fidelity is interviewing people who donate Bitcoin to assess market demand.

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