Fidelity Investments plans to allow its clients to include bitcoin in their 401(k) savings plans before the end of the year in a move expected to boost digital asset adoption.
Fidelity’s Dave Gray says that there is a growing demand for bitcoin among plan sponsors adding that the eligible accounts will be charged 0.9% as fees.
The move by the fund manager is expected to attract the attention of the watchdog, with the US Department of Labor having warned users not to add crypto to their 401(k) plan.
Fidelity is currently the largest provider of pension plans in the US, managing more than 20 million members’ retirement savings accounts.
Fidelity began mining bitcoin in 2014 and opened a separate cryptocurrency unit in 2018. The firm’s Canadian subsidiary is the first regulated Bitcoin custodian in Canada.
Source: The New York Times