Bitcoin Comes to 401(k)s
Fidelity Investments announces that it will allow customers to add bitcoin to their 401(k) accounts. The cap on bitcoin allocations is expected to be no more than 20%. This allows retirement account holders to allocate into bitcoin without creating a separate account on a crypto exchange.
One step at a time. These slow adoptions by traditional finance companies are leading to the biggest adoption event: the bitcoin spot ETF. As long as the SEC continues to drag its feet, we’ll have to take any adoption we can get—especially if it means that more people can allocate into bitcoin with their non-crypto investment accounts.
77% of investors say they would own bitcoin if a spot ETF was offered.
Fidelity currently has $2.4 trillion in 401(k) assets under management, which amounts to more than one-third of the market.
“We started to hear a growing interest from plan sponsors, organically, as to how could Bitcoin or how could digital assets be offered in a retirement plan,” Dave Gray, head of workplace retirement offerings and platforms at Fidelity Investments, said in an interview. [The New York Times]
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