Fidelity Investment Proposes Retirement Bitcoin Investment Plan For 23K Firms

• Investing in Bitcoin via a retirement savings account isn’t a brand-new idea.
• Gray said that the business would add more crypto assets.

401(k) retirement savings account members will allegedly be able to invest directly in Bitcoin, according to reports from retirement plan provider Fidelity Investments, located in the US. Later this year, a new retirement investing plan for Bitcoin would effect. According to the Wall Street Journal, customers of Fidelity’s retirement, which are approximately 23,000 firms, will now be able to invest in Bitcoin.

BTC Exposure to Customers

It will be possible for retirement savers to allocate up to 20% of their portfolio in Bitcoin if their employers approve the plan. Several employers, including MicroStrategy, have consented to Fidelity’s intention to allow investment in Bitcoin, and the company is now in talks with numerous more.

Investing in Bitcoin via a retirement savings account isn’t a brand-new idea. As recently as June 2021, ForUsAll (a retirement plan provider) teamed with Coinbase to give BTC exposure to its customers. However, Fidelity’s involvement in the industry will undoubtedly put the notion at the forefront.

According to Dave Gray, the president of Fidelity Investments’ workplace retirement program and platforms, the decision to give Bitcoin exposure to 401(k) plan members was made based on a solid customer desire. Apart from its initial support for Bitcoin, Gray said that the business would add more crypto assets to the investing choice based on customer demand.

Fidelity Investments launched its digital asset division in 2018 with over $4 trillion in assets under management, making it one of the first major financial organizations to do so. Since then, the investment business has been one of the most vocal proponents of the Bitcoin currency.