Fidelity will soon start allowing eligible individuals to save a portion of their 401(k) in Bitcoin, the company announced Tuesday. Employees will only gain access to the option if their employer signs off the option, which Fidelity says will start rolling out in mid-2022.

While Fidelity doesn’t specify how much employees can dedicate to cryptocurrency in its release, the Wall Street Journal reports that employees can elect to save up to 20 percent of their retirement fund in Bitcoin. Dave Gray, Fidelity’s head of workplace retirement offerings and platforms, also told the WSJ that Fidelity plans on adding support for other cryptocurrencies at some point in the future.

“As a leader in digital assets, we are thrilled to be the first to offer employers exposure to bitcoin for the core lineup of 401(k)s that reflects our commitment to meeting their evolving needs and our belief in the promise of blockchain technology for the financial industry’s future,” Gray said.

As noted by Fidelity, business intelligence company MicroStrategy is the first to announce that it has adopted the Bitcoin retirement fund option. The company, led by Bitcoin proponent Michael Saylor, acquired $250 million in Bitcoin in 2020 and continued to buy into the cryptocurrency as part of its financial strategy. However, the Securities and Exchange Commission (SEC) objected to the way MicroStrategy…



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