U.S. President Donald Trump will sign an executive order to allow cryptocurrency, private equity and real estate 401(k)S, according to Bloomberg.
While details of the directive are still being kept secret, sources familiar with the matter told Bloomberg that the order would direct the Labor Department to alleviate the current trust restrictions that prevent plan administrators from offering such products.
Bitcoin
Within an hour of the announcement, traders interpreted the news as a bullish approach to long-term cryptocurrency adoption, rising from $114,900 to $15,670.
Although it still had a psychological $120,000 level compared to last month’s brief exposure, the rally reignited the speculative momentum and the derivatives market also showed an increase in open interest and volume.
People worry about including cryptocurrency in retirement plans by the end of 2024, while the Ministry of Labor It is said that “Lack of data” to monitor the growing prevalence of cryptocurrency holdings.
Read more: Bitcoin volatility disappears to levels not seen since October 2023
