Fidelity Investments allows 401(k) account holders to invest in Bitcoin

Fidelity Investments allows 401(k) account holders to invest in Bitcoin
Fidelity Investments has announced that the company will launch a digital asset program allowing 401(k) plan members to invest a portion of their retirement funds in Bitcoin.
Fidelity Investments allows 401(k) account holders to invest in Bitcoin
Fidelity Investments allows 401(k) account holders to invest in Bitcoin

People can now invest directly in Bitcoin without having to register an account with a crypto exchange thanks to Fidelity’s action. If a result, as crypto acceptance develops in the United States, it will drive Bitcoin even more into the mainstream.

MicroStrategy is one of the companies that has already opted into the Bitcoin-based 401(k) program. MicroStrategy, the publicly-traded corporation with the largest Bitcoin treasury, is already paying workers in Bitcoin.

The company hopes to lead Bitcoin adoption by including Bitcoin in employees’ retirement savings accounts. Fidelity is also in talks with other firms to offer a digital assets account.

Customers will be able to diversify their investments in their retirement savings accounts by keeping up to 20% of their assets in Bitcoin, according to Fidelity Investments.

According to Dave Gray, head of Fidelity Investments’ workplace retirement programs and platforms, there is growing demand from customers and plan sponsors for retirement plans that include the ability to invest in Bitcoin and other cryptocurrencies.

“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.”

The charge for a digital assets account will range from 0.75-0.90 percent of assets, based on a number of factors such as the employer and the amount invested. In addition, the corporation will disclose a small trading fee for the account soon.

Last month, the Labor Department produced a compliance assistance paper, and it intends to keep a close check on 401(k) plans that include digital assets. In addition, the Labor Department reminded companies that they must operate entirely in the best interests of participating employees.

Investors will be able to improve their retirement savings by using Bitcoin-based 401(k) and IRA accounts, as retirement plans provide tax benefits to account holders.

As a result, it enables businesses and employees to take advantage of the potential to invest in Bitcoin while also saving money on taxes and diversifying their portfolios.


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