US Labor Department criticized Fidelity’s proposal to invest retirement in bitcoin
The department’s concerns stem from the volatility of the first cryptocurrency
29.04.2022 - 16:45
317
2 min
0
What’s new? The US Department of Labor has expressed concerns about a new proposal for customers of the Fidelity Investments holding company to invest a portion of their retirement savings in bitcoin. Ali Khawar, acting assistant secretary of the Employee Benefits Security Administration, told The Wall Street Journal that the agency’s concerns stem from the volatility of the first cryptocurrency.
Information on The Wall Street Journal website
What else did Khawar say? According to him, the average US citizen has a significant need for retirement savings. The agency believes that the Fidelity initiative “risks the retirement security of Americans.” Khawar added that the Department of Labor has scheduled a meeting with representatives of the finance company.
What is known about Fidelity? It is a US holding company that manages $4,2 trillion in assets. It became one of the first international financial institutions to enter the cryptocurrency market when it launched its digital asset division in October 2018. About 23 000 companies use its services.
What happened before? On April 26, Fidelity Investments stated that it would 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. MicroStrategy has already agreed to participate in the new program.
Useful material?
Telegram 
Twitter Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024
Cryptocurrency rates
-
Bitcoin
$69 820
BTC
+1.67%
-
Ethereum
$2 446.35
ETH
+0.52%
-
BNB Smart Chain
$570.25
BSC
-0.32%
-
Ripple
$0.510764
XRP
+0.21%
-
Dogecoin
$0.17537
DOGE
+10.01%
-
Cardano
$0.335171
ADA
+2.22%
-
Bitcoin Cash
$342.29
BCH
+1.39%
-
Polkadot
$3.88
DOT
+2.18%
-
Litecoin
$66.43
LTC
-0.71%
-
Stellar XLM
$0.093331
XLM
+1.69%