Bitwise calls 401(k) Bitcoin allergy 'ridiculous' as Warren presses SEC

US President Donald Trump opened the door for cryptocurrencies to be included in 401(k) retirement plans in August last year with an executive order.

Bitwise chief investment officer Matt Hougan has slammed the idea that Bitcoin shouldn’t be used for investment and 401(k)s because of its volatility — arguing that some stocks are also prone to even larger price swings.

Hougan made the comments on the same day US Senator Elizabeth Warren pressed the US Securities and Exchange Commission (SEC) for answers on how it would mitigate risks involved in allowing crypto in retirement funds. 

In August last year, US President Donald Trump signed an executive order directing the Labor Department to reevaluate restrictions around alternative assets in defined-contribution plans, opening the door for cryptocurrencies to be included in 401(k) retirement plans.

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