Trump Set to Greenlight Crypto in 401(k)s; Bitcoin Rallies on Retirement Reform Push
U.S. president Donald Trump is set to sign a an executive order that aims to allow cryptocurrency, private equity and real estate in 401(k)s, according to Bloomberg.
While the details of the directive remain under wraps, sources familiar with the matter told Bloomberg that the order would direct the Department of Labor to ease fiduciary restrictions that currently deter plan administrators from offering such products.
Bitcoin (BTC) rose from $114,900 to $15,670 within the hour of the announcement, as traders interpreted the news as bullish for long-term crypto adoption.
Though still shy of the psychological $120,000 level it briefly touched last month, the rally reignited speculative momentum, with derivatives markets also showing a jump in open interest and volume.
There were concerns about including cryptocurrencies in retirement plans at the tail end of 2024, with The Department of Labor reportedly “lacking the data” to oversee the growing prevalence of crypto holdings.
Read more: Bitcoin’s Volatility Disappears to Levels Not Seen Since October 2023
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