Fidelity 401(k) Savers Should Tread Cautiously With Bitcoin Bets, Crypto Pros Say
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, 2022-05-17 02:30:00,
Fidelity says it plans to expand its 401(k) holders’ access to cryptocurrency, but it’s launching with Bitcoin only.
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Fidelity Investments’ recently announced Bitcoin 401(k) plan couldn’t have come at a worse time. The digital currency, touted as a store of value and an inflation hedge, was crushed in the market rout and now stands below $30,000 after starting the year above $47,000.
However, crypto experts say the timing of the launch is the least of their concerns. They say the biggest problems they see with Fidelity’s Bitcoin 401(k) plan lies in two of its key attributes—it offers exposure only to Bitcoin and it allows investors to allocate up to 20% of their accounts to the digital currency.
Retirement and crypto investment experts say both these features are at odds with the fundamentals of investing, alternative assets such as…
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