Fidelity Will Allow Investing Part Of Retirement Savings In Bitcoin
Fidelity Investments intends to provide holders of retirement accounts with the opportunity to invest in bitcoin. According to The Wall Street Journal and The New York Times, these are retirement accounts on the form 401 (k) – corporate savings retirement accounts. The funds are not taxed and are automatically transferred by the employer to the funds chosen by the employee.
Fidelity will provide an opportunity to invest up to 20% of funds from such accounts in the first cryptocurrency. It is planned that customers will need to open a separate account to invest in bitcoin, but initially investors will be able to try the new feature without opening the account. Research firm Cerulli Associates estimates that about a third of the funds managed by Fidelity Investments are kept in retirement accounts.
It is also reported that MicroStrategy has already expressed a desire to participate in the new program. MicroStrategy has the largest bitcoin holdings among publicly traded firms.
Image: The Denver Post
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