Alabama senator aims to allow BTC investment under 401(k) plan

Tommy Tuberville aimed to bring legal approval for 401(k) to invest in Bitcoin assets on behalf of US citizens.

401(k) plan is an employer-sponsored personal pension account service. Under the 401(k) plan, the employees of the US-based companies can save their funds at the same time with an investment strategy. In 2022, Fidelity declared openly that the company planning to offer Bitcoin investment under 401(k) service alongside stock & bonds investments. After Fidelity decision to introduce Bitcoin under 401(k) service, many Crypto haters jumped against Fidelity citing high risk because of high volatility in the price of crypto assets.

On 15 Feb 2023, Reportedly Tommy Tuberville, a Republican Senator from Alabama, planning to re-introduce the Financial Freedom Act, which he first introduced to the US Senate in May 2022, to allow the 401(k) service to include desirable assets under its investment plan so that US individuals gain access to the crypto investment.

Reportedly Tuberville said:

“Fed shouldn’t choose winners and losers in the investment game…(…)… “My bill ensures that everyone who earns a paycheck has the financial freedom to invest in their futures however they see fit.”

Wyoming Senator Cynthia Lummis, Florida Senator Rick Scott, and Indiana Senator Mike Braun had signed the bill.

Bitcoin price

The current trade price of BTC is $24,621 and this trade price is 10% high over the last 24 hours’ trade price.

Bitcoin traders believe that it will not be a strange thing for them if Bitcoin will hit $30k in the next 30 days because BTC metrics are showing bullish nature of Bitcoin price.

Read also: FSB will bring global regulation framework for the Crypto Defi sector