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The
23,000 companies that use Fidelity to administer their
retirement plans will have the option to add bitcoin to their
plans later this year, according to the WSJ report https://on.wsj.com/39b0sbX.
Boston-based Fidelity has become the first major retirement plan
provider that has allowed investors to add a bitcoin account to
their 401(k)s, permitting them to allocate as much as 20% of
their nest eggs to bitcoin, according to the report. That
threshold, however, could be lowered by plan sponsors, the
report added.
Fidelity did not immediately respond to a Reuters request for
comment outside business hours.
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.
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, as
well as other cryptocurrency issues.
(Reporting by Vishal Vivek in Bengaluru; Editing by Vinay
Dwivedi)
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