*Note: Since I published this article, Fidelity has come out and said clients cannot invest in bitcoins in their IRA. I suppose somebody received a phone call.
Well this is simply huge. As much as many people want Bitcoin to simply go away (see my recent interview on the topic with Miles Franklin), it is simply not happening. This news represents a very, very positive development. Fidelity deserves a lot of credit for taking the lead on this. This is the first big, conventional firm yet in the U.S. to integrate/allow BTC.
From Market Watch:
Fidelity has partnered with SecondMarket’s Bitcoin Investment Trust to allow its clients to save for their retirement by putting the virtual currency in self-directed IRAs.
“If you are a Fidelity client, you can now invest in the Bitcoin Investment Trust through an IRA,” said Barry Silbert, chief executive of SecondMarket, in an interview.
The Bitcoin Investment Trust is an open-ended trust that launched in late September and only invests in the virtual currency. The trust, which is only open to accredited investors, had $62.6 million in assets under management as of Tuesday.