/Institutional support for bitcoin growing, progressive regulations drafted

Institutional support for bitcoin growing, progressive regulations drafted

A bevy of incoming news from the past weeks includes more data legislation from the European Union, more negative bitcoin comments and updates on Fidelity’s upcoming bitcoin trading.

New data law for the European Union

According to a post from Fortune, the European Union will dish out a sequel to its “payment services directive,” called PSD2. Targeting financial firms, the law looks to “[b]oost competition and innovation within the industry by making banking and payments safer and more open through stronger security and data portability provisions,” Fortune explained. PSD2 comes into play on September 14, 2019.

The fresh law includes bank enforcement of “strong customer authentication,” which involves necessitating 2-factor authentication (2FA), Fortune explained.

Charlie Munger Bashes Bitcoin

At Berkshire Hathaway’s yearly shareholder meeting on May 4 this year, its vice chairman Charlie Munger took a verbal swing at bitcoin, Fortune detailed. “I wondered what [Bitcoin investors] have been doing in their happy hour, and I finally figured it out. They celebrate the life and work of Judas Iscariot,” Munger said. Both Munger and Berkshire Hathaway CEO Warren Buffett have spoken negatively about bitcoin previously.

Earlier this year in February, Crypto Insider reported on Buffett’s opinion that bitcoin lacks uniqueness.

In response to whether or not he had changed his opinion on bitcoin, Buffett told Becky Quick in a CNBC interview:

No. I mean It’s too bad, but bitcoin, it’s ingenious, and blockchain is important, but bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out or anything like that. It’s a delusion basically.”

Crypto trading coming to Fidelity soon

Mainstream giant Fidelity will commence institutional bitcoin trading “within a few weeks,” Bloomberg reported, “according to a person familiar with the matter,” who wished to remain unnamed.

The product will be aimed at institutional participants, Bloomberg said, adding, “A study released by Fidelity on May 2 found that 47 percent of institutional investors think digital assets are worth investing in.”

As reported by Bloomberg, Fidelity Investments VP of external communications Arlene Roberts said in an email, “We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”

Prior to this news, back on March 27, BlockTower Capital CIO Ari Paul posted a seemingly positive tweet about the strong situation over at Fidelity.

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