Fidelity's Cryptocurrency Expansion for Retirement Accounts

Fidelity Investments, one of the largest financial services companies in the world, has announced that it will now allow its customers to invest in Bitcoin and Ethereum through its retirement accounts.

The move marks a significant shift in the financial industry, as it allows individuals to diversify their retirement portfolios with cryptocurrency investments. Until now, Fidelity's retirement accounts, such as the Fidelity IRA, have only allowed investments in traditional assets like stocks, bonds, and mutual funds.

The new cryptocurrency investment option is available to customers of Fidelity's retirement accounts, including IRAs and 401(k)s. The company has partnered with Coinbase, a leading digital currency exchange, to facilitate the transactions.

"Fidelity is committed to providing our customers with the investment options they need to achieve their long-term financial goals," said Abigail Johnson, Fidelity's CEO. "By offering cryptocurrency investments through our retirement accounts, we're giving our customers the opportunity to diversify their portfolios and potentially generate higher returns."

The move is seen as a major coup for the cryptocurrency industry, which has long been seeking mainstream acceptance. The news has sent shockwaves through the financial community, with many analysts predicting that other major financial institutions will follow Fidelity's lead.

"This is a game-changer for the cryptocurrency industry," said Tim Draper, a well-known cryptocurrency investor. "Fidelity is one of the most respected names in finance, and they're now giving their customers the opportunity to invest in Bitcoin and Ethereum. This is a huge step forward for the industry."

The new investment option is available to Fidelity's customers starting immediately. The company has not specified any specific limits on the amount of cryptocurrency that can be invested in retirement accounts.

In related news, Fidelity has also announced that it will be offering cryptocurrency trading services to its customers, allowing them to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum. The company has not specified when the trading services will be available, but it is expected to be rolled out in the coming months.