Fidelity Investments has just announced that it will be offering bitcoin as an option for investors to own in their 401k, this announcement marks it as the first retirement savings provider to offer crypto.
Fidelity is the largest retirement plan provider, with over $11 trillion in assets under its administration. This new offering will allow the employees of 23,000 companies using fidelity as a retirement plan provider to own crypto by mid-2022.
This decision by Fidelity is yet another step in the mass adoption of bitcoin as a global reserve digital asset, and will likely further its institutional adoption.
Dave Gray, Fidelity investments head of workplace retirement offerings and platforms, said in a statement “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.”
Fidelity has stated that the Bitcoin will be held on the Fidelity digital assets custody platform to ensure institutional-grade security.