MicroStrategy will allow retirement savings to be transferred in bitcoin

The head of the company, Michael Saylor, announced a collaboration with the custodial platform, Fidelity Investments, as part of the program

27.04.2022 - 14:40

342

2 min

What’s new? On April 26, MicroStrategy announced that it will offer employees the opportunity to invest retirement savings from a 401(k) account in bitcoin. MicroStrategy CEO Michael Saylor wrote about this on Twitter. He reported that the company will partner with the custodial platform, Fidelity Investments.

Source: Twitter.com

What are the benefits of the program? With Fidelity’s workplace Digital Assets Account (DAA), individuals will be able to transfer part of their savings from a 401(k) account in bitcoin. The asset in its own DAA will be stored on the Fidelity Digital Assets custody platform, which will provide institutional-grade security.

What had happened before? Fidelity Investments 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. If approved by employers, retirees will be able to invest up to 20% of their savings in bitcoin.

In October 2021, the City of Houston (Texas) Firefighters’ Relief and Retirement Fund announced the purchase of cryptocurrency. The fund partnered with NYDIG.

Author: