Michael Derben, president of the Fidelity Institutional, believes many asset managers and financial advisors still lack the in-depth knowledge required of digital assets.

While some asset managers are “smart” and “comfortable” with cryptocurrencies and their underlying technologies, he said, many others are lagging behind. In an interview with Digital Assets Week, Darbin told Reuters:

“They know what they’re doing, and most importantly, their main investor base also knows what they’re doing, but the vast majority are still in learning mode.”
Fidelity Institutional is a division of Fidelity Investments, which has earned $ 9.8 trillion in client funds (as of the end of 2020) and is one of the best investment managers in the world. It was also one of the first companies to take cryptocurrency seriously, and launched a subsidiary focusing on a new asset class in the autumn of 2018.

While the knowledge gap between financial managers persists, Derbin emphasized that the demand for digital assets among large investors has increased. Tesla and Bank of New York Mellon are just two of the newest names that have become widely known in the cryptocurrency world during the historic bitcoin season (BTC). Over the past year, the value of the leading cryptocurrency has grown more than seven times and traded at $ 61,200 earlier this month.

Back in October 2020, Fidelity Digital Assets published a report that predicted that increased institutional interest could increase the market value of Bitcoin by hundreds of billions of dollars in the near future, claiming that portfolio managers could increase profits significantly by distributing some of their assets among Bitcoin …

Source: CoinTelegraph