Fidelity took some time to issue me the tax forms to file my returns. At first, they said the 1099s would be available by February 11. Then, they pushed them back to the 25th. I recall receiving an email stating that I should get them before March. Well, they fulfilled their promise.
While retrieving the tax forms, I noticed the following message on my dashboard:
For those familiar with Fidelity, it has been making incremental moves into the crypto space. I remember when they started to dabble in BTC mining. Then, there was the spot ETF in Canada, which had its 15 minutes of fame.
Last year, there were rumors of Fidelity allowing retail investors to purchase BTC on their platform. I'm sure there was more news in between that ended up inconsequential to price action. And now, I guess the rumor is becoming true.
There's only one problem: what could Fidelity offer that I don't already do on Coinbase or Binance.US? I do self-custody as it is. I suppose it's another outlet to acquire crypto in case one venue is down. It's also possible they might release financial products you see on KuCoin or CoinEx.
However, having Fidelity as custody could be helpful for some who cannot do it themselves. An example would be someone with disabilities. It could be for single parents who don't have another trusted entity to handle their assets in case of an accident. Regardless of how adamant you are about self-custody, there are merits to custodial services.
I did not sign up for early access. I assume Fidelity either placed me there due to my response to past surveys or they looked up my transactions in the banking system.
I believe we are still in the accumulation phase of the cycle until the next BTC halving. I will keep DCA in the assets I feel will do well in 2025. While institutions don't always pick the winners, they don't jump into schemes to lose money.
Of course, none of this is financial advice. Please don't invest more than what you are willing to lose. Be safe.