Skip to main content

Fidelity’s New 401(k) Product Lets Workers Add Up to 20% in Bitcoin to Their Retirement Plans

Fidelity's New 401(k) Product Lets Workers to Add Up to 20% in Bitcoin to Their retirement Plans

The multinational financial services corporation based in Boston, Fidelity Investments, has revealed the firm is allowing people to add bitcoin into their 401(k) plan as long as the employer allows it. According to Fidelity’s head of workplace retirement offerings, the company has seen “growing interest from plan sponsors” that wanted to add bitcoin to retirement plans.

Fidelity Is Giving Workers the Ability to Add Bitcoin to Their 401(k) Plan

Fidelity Investments, the largest 401(k) plan provider in the United States, is now allowing people to add bitcoin to their retirement accounts. According to a report from the New York Times (NYT), Fidelity’s head of workplace retirement offerings Dave Gray explained that the company was noticing demand for adding digital assets to the firm’s 401(k) plans.

“We started to hear a growing interest from plan sponsors, organically, as to how could Bitcoin or how could digital assets be offered in a retirement plan,” Gray remarked. The financial services company also noted that the digital assets account will be broadly available by the second half of 2022.

The digital assets account will be managed like a traditional mutual fund and employees can designate a percentage of bitcoin to their workplace retirement offerings. According to the NYT report, the percentage will be limited and the retirement account’s fee will be between 0.75% to 0.90% of the plan owner’s percentage of assets.

For now, Fidelity will only allow an investment of 20%, but said the allocation percentage could change in the future. Of course, employers also have to approve the plan and allow employees to save part of their 401(k) in bitcoin, and employers will determine the percentage threshold. According to the Boston-based financial institution, the business intelligence firm Microstrategy has already signed up for Fidelity’s bitcoin-infused 401(k) offering.

What do you think about Fidelity allowing people to add bitcoin to their 401(k) retirement plans? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/YWtrXuI
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more