Congressman Byron Donalds has submitted a bill to the US House of Representatives to incorporate Bitcoin into every 401(K) retirement plan for every US household.
The measure is a novel and bold move as it also significantly improves the Financial Freedom Act 2022, introduced this month.
Donalds’ bill does not allow the Department of Labor to ban crypto investments, primarily because 401(K) account investors should be given full freedom to choose their investment type through brokerage.
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Fidelity That Allows Bitcoin Investments
Fidelity Investments recently announced that it would allow participants to allocate some of their investments in Bitcoin. We currently offer 401(k) retirement plans to 23,000 companies.
According to a recent announcement, Fidelity Investments is now allowing customers to devote a portion of their assets to Bitcoin (Glassdoor).
At this point, the Department of Labor is hesitant about the Senate’s decision to disclose a 401(k) retirement plan to risk investments such as cryptocurrencies or digital assets. DOL is concerned about this move by Fidelity Investments.
Full control over your investment
Rep. Byron Donalds has expressed concern over the Biden administration’s move to centralize and monopolize power in Washington. They are now out of the way of directing the American people to invest.
Congressman Donalds also said, “Neither this Administration nor any other agency has the power to dictate the financial future of American investors.”
Congressman Donalds recently posted a tweet announcing that Senator Tommy Tuberville would expedite the bill, with the support of Rep. Tom Emmer for Minnesota District 6’s 6th District.
To ignite further, Tom Emmer tweeted, “@RepDonaldsPress and @SenTuberville are proud to support the Financial Freedom Act of 2022.”
BTC total market cap at $573 billion on the weekend chart | Source: TradingView.com
Davidson and Kim Support Act
Meanwhile, Kim Young, the 39th U.S. representativeOne Congressman Warren Davidson from the California Assembly District and Arizona District 6 and Assemblyman Warren Davidson from the 8th District of Ohio all announced their support for the measure by loudspeaker.
Both said Americans have worked for decades and have invested wisely for their retirement. The Biden government must not override the investor’s right to identify and decide which assets are worth investing in.
Giving investors ‘power’
This measure ensures that power is in the hands of investors, not governments. People are paid, and it is always at their will to invest in the type of vehicle they think is worthwhile. It is always their calling.
IRA Financial Group’s Adam Bergman recommends that cryptocurrency allocations should range from 1% to 5% of your portfolio. 20% is overkill.
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Featured image from UltCoin365, chart from TradingView.com