OPINION: If people blow their retirement savings due to the crypto bust, the rest of us will end up having to foot some of the bill to help support them in their senior years.
The company that runs America’s biggest 401 platform is sticking with its plans to offer bitcoin in retirement plans.
And this is despite yet another letter from various senators, including the senior senator for Fidelity’s home commonwealth of Massachusetts, pleading with them to reconsider. They add: “By many measures, we are already in a retirement security crisis, and it should not be made worse by exposing retirement savings to unnecessary risk. Any investment strategy based on catching lightning in a bottle, or motivated by the fear of missing out, is doomed to fail.”They might have added some other problems with crypto currencies that are even simpler and more fundamental, and which were painfully obvious long before Sam Bankman-Fried’s FTX imploded.
Then there has been the hilarious sight of crypto “bros” claiming these things represent a bold stroke against financial insiders, while such insiders have been openly cashing in and milking these things for big profits. It is understood that a few of Fidelity’s corporate clients have already taken up the product and are offering bitcoin as an investment option in their 401 plans.
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