Fidelity is offering 401(k) investors access to bitcoin, the first retirement-plan provider to do so

Fidelity is offering 401(k) investors access to bitcoin, the first retirement-plan provider to do so

Fidelity Investments said Tuesday it will offer investors the option to put bitcoin in their 401(k)s, making it the first provider to offer crypto for retirement savings. The crypto offering will be available for 23,000 employers that use Fidelity to administer their retirement accounts by mid-year 2022. With $11.3 trillion in assets under administration, Fidelity is the nation's largest retirement-plan provider and its decision could make crypto even more popular and mainstream. "There is growing interest from plan sponsors for vehicles that enable them to provide their employees access to digital assets in defined contribution plans, and in turn from individuals with an appetite to incorporate cryptocurrencies into their long-term investment strategies," said Dave Gray, head of workplace retirement offerings and platforms at Fidelity Investments. Cloud and intelligence firm will be the first employer to offer bitcoin in their retirement plan. The Wall Street Journal reported the earlier Monday morning. Still, regulators have urged caution against involving cryptocurrencies in 401(k)s. Just last month, the Department of Labor asked plan fiduciaries to "exercise extreme care" before they consider adding a cryptocurrency option to a 401(k) plan's investment menu for plan participants. The Department of Labor cited concerns of speculation, volatility as