3 US Senators send letter to Fidelity warning against offering bitcoin in 401ks

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Who cares?

1) Bitcoin held by keys you control is far more desirable than bitcoin held by an institution as an “IOU.”

2) For the network, Bitcoin held by individuals is far more desirable than bitcoin held by large institutions like Fidelity. Think Grayscale.

3) Maybe the price would be higher if institutions like Fidelity were adding buying pressure to the market. But, for those who really believe in Bitcoin, and still have disposable income, it is best that Bitcoin have as low of a price as it can, for as long as it can. That would result in #2, more individuals being able to hold more bitcoin.

There are no real merits to large financial institutions holding large amounts of bitcoin when it’s never been easier for individuals to custody their own assets in a sovereign way.


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