Fidelity Investments to allow retirement savings accounts to invest in Bitcoin

What

United States-based investment management company Fidelity Investments has become the first major retirement plan provider to reportedly allow savers to add Bitcoin to their 401(k) accounts

Why 

The development comes after U.S. President Joe Biden signed an executive order in March requiring the government to assess the risks and benefits of creating a central bank digital dollar

What next

If approved, savers will have the option to add Bitcoin to their plans later this year

The Story

US-based retirement plan provider Fidelity Investments is set to become the first major provider to allow savers to add Bitcoin to their 401(k) retirement plans.

If approved, the plan will permit 23,000 companies that use Fidelity to allocate as much as 20% of their savings to Bitcoin, a report by the Wall Street Journal has claimed. The exact threshold, however, could change.

Dave Gray, head of workplace retirement offerings and platforms at Fidelity, said the plan will initially be limited to Bitcoin but expects other digital assets to be made available in the future.

To learn more about Bitcoin, visit our learning resource here.

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