In a first for a major company, one of the largest asset managers in the world – Fidelity Investments – will allow investors to add Bitcoin to their retirement 401(k) plans.
- Reports from earlier today revealed that Fidelity has stated that some of the 401(k) it administers plan to soon offer employees means of investing in Bitcoin through dedicated “digital asset accounts.”
- Fidelity Investment reportedly has $4.2 trillion worth of assets under management.
- Speaking on the matter was Dave Gray – the company’s head of workplace retirement offerings and platforms, who said:
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 product, and this doesn’t come as a surprise, given that the software giant holds almost 130,000 BTC on its corporate balance sheet.
- The firm will reportedly start offering the BTC account in its 401(k) at a later time this year.
- The investment firm also revealed that it aims to expand the accounts and reach more sponsors toward the middle of this year while stating that employees could put up to 20% of their 401(k) balance into these accounts.
- UPDATE: Anthony Scaramucci also joined the trend, announcing hours later that his financial company – SkyBridge – will also offer 401(k) with BTC to its employees once the option goes live.