Fidelity bets on bulls

A day after financial giant Fidelity entered the cryptocurrency market, fund manager Mark Yusko predicted that the industry will be the next fast-growing market.

“We believe the stock markets are on the verge of a bearish trend,” he told FOX Business on Friday. 

We believe cryptocurrencies are on the verge of a bullish breakout.

The 72-year-old company, which manages $7.2 trillion in client assets, on Monday launched a new venture called Fidelity Digital Asset Services.

“Our goal is to make digital assets like Bitcoin more accessible to investors,” Abigail said P. Johnson, Chairman and CEO of Fidelity Investments. 

Fidelity is entering the market at a time when the price of Bitcoin is hovering around $6,500, and even amid a huge amount of skepticism, criticism and reports of scams, Mark Yusko says he and many investors are “hardcore supporters” of cryptocurrencies, particularly Bitcoin. 

“We love Bitcoin and consider it digital gold,” he said. "Eventually it could become a reserve currency. Ethereum, in turn, works more as a protocol, or a platform. A kind of World Wide Web."

According to https://www.foxbusiness.com