Since Boston-based retirement plan provider Fidelity announced last month that it would allow bitcoin investments in 401(k) accounts for 23,000 companies, there has been increased interest in ‘how to add bitcoin to your retirement account.’

Fidelity said it will allow its 20 million participants—accounting for $2.7 trillion in assets—the opportunity to invest in bitcoin through their 401(k) retirement accounts later this year.

Is it practical? If yes, is it a good idea? Cryptocurrencies are known to be the most volatile digital assets and pegging your entire retirement benefits on them requires a deep understanding of the enormous changing trends in the global crypto market. In the past one month alone, $800 billion in valuation has been wiped off the market in a recent crypto crash.

In the past few years, the crypto investing frenzy has gone entirely against the original principles of cryptocurrency blockchain systems such as decentralization and immutability. Most bitcoins are still held by ‘whales’—someone with large amounts of bitcoin—and institutional investors.

Mainstream crypto has promised to ‘democratize’ a lot of things but in reality, the wealthiest 82 individual crypto wallet holders account for almost 15% of the total supply of bitcoin, according to River Financial, a San Francisco based financial services firm.

Anonymity in the crypto world makes it a risky one

Due to the pseudo-anonymity of players in the crypto world, it has a high potential for scams, rug pulls, and other types of dishonest tactics. That means if you choose to commit your funds to an individual retirements account (IRA) provider, you will need to vet them properly first.

Quartz spoke to former President Joe Biden’s senior advisor, Moises ‘Moe’ Vella,  who serves…