Fidelity, ForUsAll Begin Rolling Out Cryptocurrency for Retirement Plans

Fidelity — a $4.5 trillion asset manager — said last fall that some 401(k) retirement plans had begun adding Bitcoin to their investment lists.

Similarly, San Francisco-based 401(k) provider ForUsAll said 50 of its 550 clients started letting workers put their retirement savings into Bitcoin and Ethereum about eight weeks ago.

Here’s what market participants are saying about the emerging trend.

Crypto for retirement: is it common?

When loyalty comes first most dangerous Bitcoin for Retirement Plans in April, said the product was in high demand from both employers and employees.

According to the Wall Street Journal, a report On Thursday, other 401(k) providers, including Vanguard Group, Alight Solutions LLC and T. Rowe Price Group Inc, did not have similar plans. However, they cited a lack of corporate demand, along with the unclear regulatory environment around digital assets.

Alight will soon publish a report detailing its survey of 90 employers with more than 3 million workers, which found that only 4% of respondents were interested in adding cryptocurrency. Within that 4%, even they are awaiting regulatory guidance.

However, David Ramirez – CEO of ForUsAll – points to the increased demand for digital assets in his company. He said 300 of the 2,500 employees who are eligible to invest using such plans with ForUsAll are doing so.

Ramirez added that he expects 100 more companies to add crypto options by the end of the year.

Companies Adding Crypto to 401(k) Plans

One of the companies that has added cryptocurrency to their retirement plans is mining compass The Bitcoin mining hardware provider started his scheme with ForUsAll a few months ago. 63 workers out of 70 are involved in the plan, including chief strategy officer Jason Noni.

Noni chose to dedicate 5% of his retirement plan to cryptocurrency, the maximum allowed by ForUsAll. In contrast, Fidelity allows workers to put up to 20% of their retirement savings into Bitcoin.

The first employer to agree to use Fidelity’s product was MicroStrategy, whose former CEO Michael Saylor is one of the loudest voices in support of Bitcoin. The company’s vice president, Jeremy Price, is still working on making bitcoin a part of their plan — but the final decision rests with the plan’s steering committee.

Thursday, sincerity confirmed Previously established rumors that it will start giving Bitcoin and Ethereum access to its retail base of 34 million investors.

Fidelity’s post, ForUsAll Starting Rolling Crypto Retirement Plans debuted on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *