Fidelity will reportedly begin offering their investors the ability to add Bitcoin to their retirement 401(k) accounts later this year. The investment giant’s decision could move cryptocurrency investing even further into the mainstream, especially if employers decide to offer the option of adding Bitcoin to 401k’s as well.
Fidelity Investments plan to allow its investors putting Bitcoin into their 401k’s would be a first for any major retirement plan so far. Employees will not be allowed to start adding Bitcoin or cryptocurrencies to their nest eggs immediately, the option is expected to be available later this year. It is likely to be available to the over 23,000 companies that use Fidelity Investments to administer their retirement plans.
Fidelity Investments is the largest retirement plan provider in the United States. With Fidelity retirement plans endorsing cryptocurrency, it is likely to move the cryptocurrency space even further into the mainstream and drive out some of the fear associated with crypto investing. Fidelity Investment reportedly manages assets worth over $4.2 trillion. Fidelities head of workplace retirement offerings platform, Dave Gray stated “Fidelity believes that blockchain technology and digital assets are going to be a much larger part of financial industry’s future.”
Fidelity also revealed that MicroStrategy will be its first customer for the new cryptocurrency retirement offering, which comes as no surprise, given that the software giant owns over 125,000 BTC on its companies balance sheet. Anthony Scaramucci also joined the trend, when he announced hours later that his financial company, “SkyBridge” will also offer 401(k) with BTC to its employees once the option goes live.