One of the key players in the American market of pension investment programmes, Fidelity Investments, announced that it provides an opportunity for its customers to deposit 401 (k) bitcoins on their accounts.
It is on this type of account that working citizens form their pension for a materially ensured old age. The Western pension system allows people to have multiple pensions through the formation of pension accounts in various funds. Using this approach, you can not only diversify the financial risks associated with inflation, but also directly influence the profitability of your own investments.
The idea that people could accumulate not only fiat, but also cryptographic currencies has been in the air for a long time: “crypto” in recent years has received not only millions of new users, but also new dollar millionaires who were able to “retire”at a young age.
Fidelity serves tens of thousands of employees in 23,000 companies, and the company’s total pension fund is over $1.4 trillion. That’s almost 20% of all 401(k) plans in the US, which in turn make up 20% of the entire US pension market. By 2020, more than 60 million people were participating in 401(k)-programs, according to CNBC.
The features of the Digital Assets Account from Fidelity include the ability to buy digital assets without opening a specialized account on a cryptocurrency exchange, as well as the need for the consent of the employer that his employee will direct part of his pension contributions to bitcoin.
The US Department of Labor predictably criticized the idea, citing “significant risks and problems for members’ pension accounts, including risks of fraud, theft and loss,” in their letter.
