THELOGICALINDIAN - The US Labor Department has grave apropos about Fidelity Investments acceptance investors to put bitcoin into their 401k accounts for retirement accumulation An official of the Labor Department said it risks the retirement aegis of Americans affirmation that cryptocurrencies can present austere risks to retirement savings
U.S. Labor Department’s ‘Grave Concerns’ Over Fidelity’s Bitcoin 401(k) Offering
The U.S. Labor Department is acutely anxious about Fidelity Investments’ new alms to acquiesce investors to put up to 20% of their 401(k) accumulation and contributions into bitcoin (BTC). A 401(k) is a accepted abode accumulation plan in the U.S that has tax advantages as an allurement to advance for retirement.
Ali Khawar, Acting Assistant Secretary of the Labor Department’s Employee Benefits Security Administration, said in an account with The Wall Street Journal Friday:
Khawar explained that Labor Department believes that Fidelity acceptance savers to put bitcoin into their 401(k) accounts risks the retirement aegis of Americans.
The official said that he angle cryptocurrency as speculative. There is “a lot of advertising about ‘You accept to get in now because you will be larboard abaft otherwise,'” he opined.
Khawar wrote a blog column on the Department of Labor’s website in March adopting apropos about retirement affairs advance in cryptocurrencies. He detailed:
He explained that “cryptocurrencies can present austere risks to retirement savings,” citation appraisal challenges, amount volatility, and the evolving authoritative landscape.
Do you anticipate the U.S. Department of Labor should be afraid about Fidelity acceptance investors to put bitcoin into their 401(k) accounts? Let us apperceive in the comments area below.
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