Galaxy’s Novogratz Says Fidelity to Shift Retail to Crypto Soon

Mike Novogratz, the founder and chief executive of Galaxy Digital Holdings Ltd., said he’s heard that Fidelity Investments will “shift retail customers into crypto soon.”

Fidelity has been one of the most visible institutional proponents of digital assets, saying earlier this year that it would have a product ready in coming months to allow 401(k) plan participants to direct a portion of their savings into Bitcoin.

“A bird told me Fidelity is going to shift their retail customers into crypto soon enough,” Novogratz said during the SALT conference in New York on Monday. “I hope that bird is right. So we are still this institutional march and that gives crypto its floor.”

Cryptocurrency prices tumbled soon after Fidelity announced its plans for a 401(k) in the springtime.     

— With assistance by David Pan