79-year-old 401(k) firm CEO admits owning Bitcoin

While digital assets like Bitcoin (BTC) have gained immense popularity among the youngsters, the older generation is still hesitant to embrace cryptocurrencies.

Hard-working, middle-aged Americans prefer to put their funds in financial instruments like 401(k) personal retirement accounts.

Related: Major labor union warns new bill could put retirement savings at risk

However, there seems to be a growing acceptance of digital assets among certain sections of the retirement savings industry and the current U.S. administration.

As reported earlier, President Donald Trump had been planning to open up the $9 trillion U.S. retirement market to alternative assets like cryptocurrencies, gold, private equity, etc.

On Aug. 7, Trump went ahead and signed an executive order to allow Americans to allocate their 401(k) retirement savings to alternative assets like cryptocurrencies.

On Oct. 14, Rep. Troy Downing (R-Mont.) introduced a bill to turn Trump’s executive order into law.

Now, it turns out that the CEO of a popular 401(k) provider is also fond of Bitcoin.

More News:

• Trump’s 401(k) move could unlock billions for crypto, says Reserve Exec
• Bitcoin and XRP could potentially be included in 401(k) plans
• Dave Ramsey warns on crypto, stick to 401(k)s and Roth IRA

Fidelity Investments CEO admits owning Bitcoin

Abigail Johnson has been serving as the CEO at Fidelity Investments since 2014. The financial services giant is one of the largest 401(k) plan providers in the U.S.

The billionaire CEO introduced crypto investments at the 79-year-old firm in 2018.

She recently admitted to personally owning Bitcoin, calling it the “gold standard” of the crypto market.

"I kind of like Bitcoin. I don't own tonnes of coins but I own Bitcoin."

Bitcoin has been around for long, has "persisted," and is "solid," Johnson said.

Fidelity Investments CEO added she is "comfortable" with the asset in the long term and the firm will factor this into its thinking while providing options to its customers.

Johnson made the remarks in a conversation with a16z crypto COO Anthony Albanese at the Founders Summit event in October, though the video got aired on Dec. 4.

Bitcoin was exchanging hands at $92,476.19 at the time of writing, down 1.6% in a day.

Related: Man wins millions after putting entire 401(k) into Bitcoin