The stock market nosedive is a good lesson about the risk of adding cryptocurrencies to retirement plans
“Oh my goodness, what a perfect storm,” said Christine Benz, director of personal finance for Morningstar.But if you’re concerned about the stock and bond market, then you would be bonkers about
what is happening with bitcoin. The world’s leading cryptocurrency dropped to just below $31,000 this week. That’s a more than 50 percent nosedive from bitcoin’s record high of close to $69,000 late last year.
In setting a ceiling, Fidelity said employers would allow employee contributions in crypto of up to 20 percent per payroll cycle. Investors can have up to 20 percent of their total 401 account value in a digital assets account although employers could reduce the percentage workers could invest in bitcoin.At this moment in time, I think the threshold is too high. If you’re going to speculate in crypto, keep it to about 5 percent of your holdings, some experts I’ve interviewed recommend.
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