Fidelity will allow retirement savings fund managers to invest up to 20% of their funds in BTC.
Financial holding company Fidelity Investments plans to add the ability for 401(k) savings accounts to invest directly in the first cryptocurrency, the company revealed in a press release.
Investing in BTC will not require opening additional accounts on crypto exchanges. Owners and managers of retirement accounts will invest in Bitcoin up to 20% of all funds under their control. The service is scheduled to launch in the coming months.
MicroStrategy, the largest Bitcoin investor, is the first company to use Fidelity Investments’ new offering. In total, more than 23,000 companies whose employees’ retirement accounts are on the Fidelity platform will have access to such an opportunity. The amount of retirement savings under the platform’s management is currently about $2.7 trillion.
For reference: 401(k) is the most popular private pension plan in the USA, and its name corresponds to the number of the article in the Internal Revenue Code.
