Bitcoin and cryptocurrency prices shifted higher Thursday, looking to buck a rut from the start of August. President Donald Trump on Thursday signed an executive order allowing crypto into 401(k) plans.
Trump on Thursday signed an executive order that allows 401(k) accounts to invest in alternative assets, including digital assets, real estate and private equity, the White House announced. The order directs the Secretary of Labor to reexamine the Department of Labor's guidance on fiduciary dutires regarding alternative asset investments in 401(k) and defined-contribution plans.
The retirement market is currently valued around $43 trillion, according to CNBC.
"That's a monster pool of capital," Michael Novogratz, CEO of institutional digital asset firm Galaxy Digital said on "Squawk Box." He added that there are increasing avenues for crypto adoption. "When it becomes commonplace — when you can do it at the place you've already been doing business with, if its Fidelity or T. Rowe Price or whoever it is — you just pull more people into this ecosystem."
Trump's 401(k) announcement comes after he signed the GENIUS Act regulating stablecoins last month, while the Senate contemplates two other pieces of crypto legislation, including a market structure bill.
Bitcoin, Crypto Prices Climb
Meanwhile, bitcoin and cryptocurrency prices gained on Thursday.
Bitcoin advanced a little less than 2% to trade above $117,300 for the first time since July 31.
Ethereum surged more than 5% to $3,870, marking its first push above $3,800 since the turn of the month.
The iShares Bitcoin Trust ETF and other spot bitcoin ETFs swung 2% higher Thursday, continuing to trade in buy zones for flat bases.
Coinbase surged 2.5% Thursday, working its way back toward its 50-day moving average.
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