Fidelity Investments, the largest retirement plan provider in the United States, plans to allow investors to allocate up to 20% of their 401(k) accounts to bitcoin. It’s the first major retirement-plan provider to do so.
Fidelity’s new “Digital Assets Account” will hold bitcoin and short-term money market investments to provide the liquidity investors would need to engage in daily transactions. The company said the currency will be held in custody with Fidelity Digital Assets to ensure “institutional-grade security.”
If you’re wondering, this is a completely centralized way to hold and trade the original decentralized asset. If you’ve engaged in cocktail conversation about bitcoin being a “speculative asset” or “digital gold” (whatever that’s supposed to mean) or a “store of value” or “means of exchange,” this is the mic drop moment.
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