Hot Development: A Big Warning to the 4 Trillion Company from the USA! Don’t Aggravate the Situation!
On a topic related to crypto currencies in America, statesmen sent a letter to Fidelity, one of the world-famous investment companies, conveying their ideas and wishes for crypto currencies and possible future movements of the company.
What Did the Letter Say?
The letter to Fidelity CEO Abigail Johnson was as follows:
Dear Mrs. Johnson
In light of the recent dramatic events in the digital asset market, we are sending a new letter today, which is a continuation of the letter we sent earlier on July 26, 2022. We strongly warn Fidelity once again.
The investments will put under review the decision to allow sponsors of 401(k) plans to disclose plan participants. Since our previous letter, the crypto asset industry has become even more volatile. Turbulent and chaotic, with all the characteristics of an asset class that no plan sponsor or saver has, retirement should be anywhere near.
Fidelity Investments, one of the world’s largest 401(k) providers, is a global leader in traditional finance and retirement security. More than 32 million Americans and 22,000 employers rely on Fidelity Investments for their workplace retirement accounts. But in recent years, Fidelity Investments has preferred to move beyond plans aimed at employers. Traditional finance, entering the crypto asset market, which is becoming extremely unstable and increasingly risky, is indicative of this.
The recent collapse of FTX, a cryptocurrency exchange, has made this very clear. The crypto asset sector has serious problems. The industry is full of charismatic geniuses,
opportunistic scammers and self-professed investment advisors promoting financial products are both doing so with little or no transparency. As a result, the actions of a few ill-advised, deceptive and potentially illegal individuals are having a direct impact on the valuation of Bitcoin and other crypto assets.
The collapse of FTX, which caused a huge damage to the digital asset market, was ignored. Since July, the last time we expressed our concerns that deeply concern you
the prospect of exposing workplace pension plans to Bitcoin has caused its value to plummet. In July, one Bitcoin was worth $21,239. Today, the value of Bitcoin is at its lowest level in the last two years with 16,884 dollars. While the full extent of the damage caused by FTX continues to emerge, its effects have been felt in the broader crypto asset market. Bitcoin is no exception.
In light of these risks and the constant warning signs, we strongly encourage Fidelity once again. Investments should be in line with the decision to allow plan sponsors to offer Bitcoin exposure to plan participants in order to do what is best for plan sponsors and plan participants. By many measures, we are already in a retirement security crisis, and this situation should not be exacerbated.
It is necessary to expose retirement savings to unnecessary risk. Thank you again for considering this current and important issue. We are looking and looking forward to your response.
The General Situation in Crypto Currencies
The bullish wave that started with Elon Musk’s purchase of Twitter in recent weeks has been replaced by a sharp decline with the FTX events. When we look at the point we have come to, we can see that crypto currencies are losing value rapidly. Recently, Bitcoin experienced a sharp decline and fell to the levels of 15.500 dollars.
It seems that we will see over time how long these declines will leave the investor under the influence.
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