I emailed my employer's 401k provider about Fidelity's decision to implement Bitcoin into their retirement accounts. This is what they said:
"When it comes to planning for a secure retirement, cryptocurrencies are too unpredictable to count on for the long-term right now and can put participants’ hard-earned savings in jeopardy. Recent guidance from the Department of Labor demonstrates that the federal government has its own concerns with plan fiduciaries that make cryptocurrency available in their investment lineups. The release states that there will be further analysis conducted and DOL will target plans that offer digital assets and related investments in their standard investment lineup and through self-directed brokerage accounts. While no further guidance is required when issuing a Compliance Assistance Release, there is hope that DOL will provide further clarity given the strong industry response to the guidance. We will continue to support our clients and their employees with solutions designed for the long-term nature of retirement investing. We’re aware of our competitor’s stance, but we’re taking this approach because our core belief is to do the right thing and help plan sponsors and their participants build their financial security. For a variety of reasons, digital assets just don’t appear to be part of that equation yet."
How should I respond?
Notice: Please refrain from talking about not your keys, not your coins. I am aware of this third party risk. I believe it's smart to diversify in all aspects of life, and this includes having multiple wallets holding Bitcoin. It is especially appealing to equip the tax benefits that a 401k provides.
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