Sos Ltd edges lower as institutional Bitcoin adoption continues

  • NYSE:SOS fell by 0.44% during Wednesday’s trading session.
  • The Central African Republic becomes the second country to legalize Bitcoin.
  • Fidelity introduces Bitcoin investing for Americans in their 401Ks.

NYSE:SOS fell below water during the final minutes of Wednesday’s session as a last hour pullback in the broader markets pushed the stock into the red. Shares of SOS fell by 0.44% and closed the trading session at $0.39. Markets remained volatile on Wednesday although it was an improvement over Tuesday’s session. After jumping out to a positive start in the morning, all three major averages pulled back and erased most of their gains by the closing bell. The Dow Jones rebounded by adding 62 basis points, the S&P 500 rose by 0.21%, while the struggling NASDAQ dipped into the red with a 0.01% loss to close the session.

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Bitcoin–related companies received some more promising news on Wednesday, as the Central African Republic (CAR) has officially adopted the blue-chip crypto as a legal tender. CAR became the second country to do so following in the footsteps of El Salvador last year. While initial results out of El Salvador have not been as bullish as many in the crypto industry first forecasted, it seems that other governments are still considering adopting Bitcoin into their economies. CAR is one of the world’s poorest countries, but is a major producer of resources like diamonds, gold, and uranium.

SOS stock forecast

In stateside Bitcoin news, Fidelity Investments is showing that they are bullish on cryptocurrencies for the long-term. So much so that the investment firm is allowing Americans to add Bitcoin to their 401K retirement portfolios in a first for the country. Investors will be able to add up to 20% of their accounts in Bitcoin. Not surprisingly, major Bitcoin investor MicroStrategy (NASDAQ:MSTR) was the first company to sign up for the account.

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