Bitcoin for Retirement: Fidelity to Introduce BTC Option for 401(k) Investors
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That said, Fidelity—America’s largest retirement-plan provider—has become the first 401(k) provider to offer such retirement savings opportunities.
According to the financial institution, Bitcoin would be kept in an account that holds BTC and short-term money investments. This creates a cash allowance for the account to facilitate any necessary daily transactions for account owners.
Fidelity’s move is a win for the cryptocurrency industry as it would potentially increase the adoption rate among retail investors.
Meanwhile, in early March, the Department of Labor in the US prompted 401(k) plan fiduciaries “to exercise extreme care before they consider adding a cryptocurrency option to a 401(k) plans investment menu for plan participants.”
Speaking to Business Daily, Fidelity noted that the new accounts will allow employees “gain exposure to Bitcoin by purchasing units of an account as part of their investment strategy vs. a direct purchase of Bitcoin.”
A Fidelity spokesperson added that the companies sponsoring this plan could “establish employee contribution and transfer limits into the account.”
Key Bitcoin Levels to Watch — April 26
Bitcoin’s outlook has taken a turn over the last few days, following its fall from the $43K level. The benchmark cryptocurrency has dropped to the $38.5K area again, as a fall to $38K looms.
This bearish persistence comes as investors flee riskier assets for safe-haven assets, as central banks around the world adopt hawkish monetary outlooks.
In the meantime, bulls could face some troubling times ahead, as the prevailing sentiment could get worst, except we see a push above the $41K barrier in the near term.
Meanwhile, my resistance levels are at $40,000, $41,000, and $42,000, and my key support levels are at $38,000, $37,000, and $36,000.
Total Market Capitalization: $1.79 trillion
Bitcoin Market Capitalization: $733.3 billion
Bitcoin Dominance: 40.9%
Market Rank: #1
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