According to the US Labor Department, Bitcoin must mature before it may be included in 401(k) plans (k). However, Bitcoin is fully developed and has been the best performing financial asset over the last decade, so it has earned its position in 401(k).
Fidelity's desire to offer a bitcoin-based retirement plan later this year is putting the government's grasp of the crypto market to the test, as well as how it connects to its conservative attitude on Americans' retirement savings accounts. Fidelity said that business analytics firm Microstrategy (which also has the most bitcoin of any publicly traded company) will be the first to offer the plan.
According to Fidelity, employees cannot invest more than 20% of their savings in bitcoin, which appears to be a fairly specific percentage they've put out to negotiate with labor. Employers who try to offer such programs should "expect to be questioned," it continued. The good news for Bitcoin investors and supporters is that Fidelity's readiness to include cryptocurrencies in its retirement plan offers adds to cryptocurrency's legitimacy as a long-term investment and raises its profile as an emerging asset class.
Joe Sweeney, managing partner at Cornerstone Wealth, says Fidelity’s stamp of approval holds a lot of value in the world of finance.