Fidelity Investments to allow retirement savings to be invested in bitcoin
The company’s management noted that such a decision was made because of the high demand for this service
26.04.2022 - 14:30
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What’s new? Fidelity Investments, a US financial services holding company, will allow 401(k) retirement savings account holders to directly invest in bitcoin. The new retirement investment plan in cryptocurrency will go into effect in late 2022, The Wall Street Journal reports. If approved by employers, retirees will be able to invest up to 20% of their savings in bitcoin. MicroStrategy has already agreed to participate in the new program.
Information on The Wall Street Journal’s website
What does the company’s representative say? The head of workplace retirement offerings Dave Gray noted that the opportunity to invest retirement savings in bitcoin was provided based on high customer demand. According to him, cryptocurrency determines how future generations will view investments in the near and long term. Gray added that the company may add other crypto assets depending on the customers’ requests.
What is known about the company? Fidelity Investments was founded in 1946. It serves more than 40 million individual investors from 100 countries around the world. The company became one of the first financial institutions to get involved in cryptocurrencies. Fidelity launched its digital asset division in 2018.
What had happened before? In October, the City of Houston (Texas) Firefighters’ Relief and Retirement Fund announced the purchase of cryptocurrency. The fund partnered with NYDIG.
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