Trump Signs Executive Order to Allow Bitcoin and Crypto in 401(k)s

Today, the president of the United States, Donald Trump, signed an Executive Order that aims to allow 401(k) investors access to alternative assets (such as digital assets).

According to the official announcement:

“The order directs the Secretary of Labor to reexamine the Department of Labor’s guidance on a fiduciary’s duties regarding alternative asset investments in ERISA-governed 401(k) and other defined-contribution plans.”

This comes as part of Trump’s plans to establish the country as the leading player in the cryptocurrency industry. To this point, the order also stipulates that “alternative assets, such as private equity, real estate, and digital assets, offer competitive returns and diversification benefits.”

The entire cryptocurrency market soared on the news, with Bitcoin’s price trading above $117,000, charging a 2% intraday increase.

Ethereum (ETH), which has been one of the most heavily-discussed altcoins in the past month, has gained 5%.

At the time of this writing, the total market capitalization stands at $3.93 trillion, as Bitcoin’s dominance is looking to reclaim the 60% mark once again.